“In this world nothing can be said to be certain, except death and taxes.” So said Benjamin Franklin back in 1789, and his words ring just as true in the 21st century.
Today, HMRC is placing an ever-greater burden of responsibility upon individuals to calculate and file their tax returns correctly and punctually… and threatening ever-greater financial penalties for failing in either regard. And with the changing dynamic of family life within the UK, there’s never been a time when it’s been more important to maximize the tax efficiency of the legacy to be passed on to the next generation to help them establish their first steps on the financial ladder.
At Hamlyns, we can’t insulate you from the certainty of death or taxes; but we will work hard on your behalf to minimize their impact on you and your family.
The UK tax system has now almost entirely moved over to ‘self assessment’, which means there’s never been a time when you, as an individual taxpayer, have been under more pressure to understand the tax legislation relevant to your own circumstances, to accurately calculate your tax liability and to file your tax return on time.
And because HM Revenue & Customs have imposed ever-more robust investigation policies and harsher penalties for non-compliance, getting your tax return right is even more important.
Entrust your tax return to Hamlyns and you’ll not only save yourself time, worry and risk, but you could also save yourself money! That’s because not only will we prepare all your computations, complete your submissions and return your ‘paperwork’, but we’ll also advise you on areas where you could be minimising your tax liability.
With the shift towards ‘self assessment’, the Government has been able to increase its investment in compliance checks and investigations, with HM Revenue & Customs broadening the reach of its net over more taxpayers and conducting its enquires in a far more aggressive manner. The resultant enquiries can be extremely disruptive, costly and – above all – stressful.
If you are unlucky enough to be the subject of a compliance check, you’ll definitely want Hamlyns on your case. We specialise in handling compliance checks, listening to your side of the story, drawing on our relationship with you and utilising the full power of UK tax law to minimise your tax bill and overall settlement with HM Revenue & Customs.We’ll support you throughout the whole process to bring the enquiry to a prompt, satisfactory and cost-effective conclusion, at value for money prices.
Hamlyns also offers Fee Protection Insurance Hamlyns offers great value Fee Protection for both business and private clients. For a small nominal fee paid annually, you can indemnify yourself and your company against the potentially far greater costs incurred in retaining the professional assistance you will need should you be subject to an investigation or dispute with HMRC.
Investing in property brings with it a whole world of taxation issues for buyers and sellers; for owners and developers; even for tenants… Tax liability can drastically affect the perceived value of a property to the extent that it could even render a development project non-viable.
That’s why it’s vital to always seek out expert property tax advice, just as you would for any other investment or financial commitment. And for reliable, specialist advice on the tax implications and allowances associated with commercial and residential properties, there’s no-one better to talk to than Hamlyns.
Purchasing a ‘buy to let’ property combines the opportunity of investment income with the expectation of capital growth, and at Hamlyns we specialise in offering advice that’s precisely relevant to you to help minimise your tax liability and maximise your income and capital growth.
If you’re letting your former residence, the kind of tax assistance we’d offer would include how to ensure your principal private residence status remains intact for as long as possible to maximise all tax reliefs. If you’re an overseas landlord, we could advise not only on planning your departure from (and return to) the UK, but also on how to get approval from HM Revenue & Customs for rental income to be paid without the deduction of basic rate tax.
We also offer a comprehensive ‘buy to let’ commercial package encompassing the preparation of rental accounts, completion of tax returns, advice on Capital Gains Tax and Inheritance Tax, incorporation reviews and the maximisation of allowable deductions and losses.
‘Residency and domicile’ is a highly complex area of taxation. We can help you establish your domicile and tax resident status with HM Revenue & Customs which is a vital element in effectively planning for your Income, Capital Gains and Inheritance Tax liabilities. We also offer expert guidance on tax efficient remittances to the UK by ensuring your affairs are properly structured.
We all know the quote about the certainty of death and taxes. And much as we’d like to insulate Hamlyns clients from both, sadly we can’t. But we can work hard on your behalf to minimize the tax and inheritance impact of your final passing on you and your family. And there’s no better time to start planning than now, while we’re all still alive and breathing!
At the very least, you should ensure you have a Will that’s been properly drawn up. It’s easy to put it off, but if you die ‘intestate’, your assets will be distributed according to the law rather than according to your wishes. If we haven’t had the chance to plan your inheritance tax liability, this will be great news for HM Revenue & Customs. The process of sorting out your affairs will take far longer, prolonging and increasing the distress for your loved ones. And, of course, in every extended family network, there are members who are less than scrupulous when there’s the prospect of inheritances to be claimed…
We cannot recommend strongly enough that you get Hamlyns involved with you and a solicitor (either yours or one of our network of trusted professionals) in drafting the right Will that suits your personal circumstances and planning an inheritance strategy that will efficiently look after the interests of your favoured relatives and dependents.
As well as making a Will, you can use a Trust to take even greater control of how you pass on your assets, very often in the case of beneficiaries who are either not yet old enough or not currently in a position to manage their own affairs.
A Trust is a relatively straightforward and highly tax-efficient way to protect your assets today against the broadening Inheritance Tax net so your beneficiaries’ interests are secure for the future, when they become entitled to their inheritance.
By taking a detailed look at your personal financial situation, we can advise you of the most suitable Trust for your needs and, if necessary, assist your chosen solicitor with setting it up. Remember, if you don’t have a solicitor, we have a roster of excellent practitioners whom we can confidently recommend to you.
Annuities, draw-downs, tax-free lump sums, pensioners in Lamborghinis… the maelstrom of confusion and mis-information surrounding retirement is the hot media topic of the moment. But what it all boils down to is one simple objective – when you retire, you want to enjoy (and keep on enjoying) the same standard of living as when you were working.
And with the right forward planning, that’s perfectly achievable. The secret of success is to start that forward planning plenty of years in advance, and to ensure that as your financial situation evolves over the years, your plans also evolve to maximise the power of your investment and give you the best final result.
And that’s why you need to take advantage of the advice and expertise of professionals, such as HFS Hamlyns Wealth Management.
It’s never too soon to get us involved in planning your strategy for retirement. At HFS Hamlyns Wealth Management, we share the same ethos of developing lifelong relationships with our clients, and that gives us a unique and valuable insight into continually ‘optimising’ each and every constituent part of your retirement strategy. From day one when we help you choose a pension provider, through the years as we help you move your investments to the best performing funds. From helping protect you and your family with the most appropriate life assurance and medical insurance policies. To the point where we start planning your ‘glide path’ into retirement, reducing your risk, consolidating your funds, and helping you turn the dream of retirement into a rock solid reality.
With our help and experience you’ll be able to look forward with calm confidence, relaxed in the knowledge that the lifestyle to which you are accustomed will continue for you, to enjoy without worry.