Private Client Services
What are Private Client Services?
Our private client service is a joint approach between our personal tax advisers and our financial advisers (wealth management). These two experienced departments work together with a collaborative approach to create private client services. This enables us to provide a full range of personalised services for individuals all under one roof. Our private client team members work closely together to provide tailored advice to achieve the needs and goals of each individual to help secure your financial future.
At Hawsons we provide a variety of private client services for individuals from our offices in Sheffield, Doncaster, and Northampton.
Our expert team provides comprehensive advice and support on all aspects of taxation and wealth management. In addition to providing tax compliance services, we also give specific advice on areas such as inheritance tax, capital gains tax, taxation of estates, and tax residence issues. We also get involved in complicated Stamp Duty Land Tax issues when the need arises. We will look to identify opportunities to minimise your overall tax exposure. Additionally, our wealth management team offer totally impartial advice relating to your personal financial needs. This includes investment strategies, pension planning, all aspects of personal and corporate protection, inheritance tax advice, later life lending, and long-term care planning, all to help you invest and secure you and your family’s future.
We also carry out work for trustees and executors in respect of trusts and estates, including preparation of trust and estate tax returns and accounts as well as tax and investment planning advice.
Our experienced private client team will assist you in taking care of your finances so you can achieve your financial goals and secure your legacy.
We have expertise in all of the following areas:
- Personal tax
- Taxation of trusts and estates
- Tax and investment advice to attorneys and deputies
- Inheritance tax advice and planning
- Investment and portfolio management
- Pensions and retirement planning
- Tax planning, e.g. use of tax-efficient investments and capital gains tax planning.
- Tax residency and domicile advice
- Family Investment Companies
- Later life advice including long term care
Private Client Case Studies
Personal Injury Compensation
Natasha explains how she recently helped a client who had received a significant personal injury compensation payment. They also had a professional deputy overseeing their personal affairs.
The key requirement was to fund their care and lifeplan, as they weren’t likely to receive any significant income or capital receipts in the future. Due to the size of the compensation, the potential for growth was significant therefore the tax implications need to be considered.
Natasha established a range of tax-efficient investment wrappers. The client is now able to make flexible withdrawals to fund their lifestyle in a tax-efficient manner. They were able to earn circa £50,000 per annum without an immediate tax liability. Furthermore, their underlying investments gave greater growth potential to replace some of the funds withdrawn.
University Fees Planning
Aaron recently dealt with a client requiring University Fees Planning, as he goes on to explain; “Our client is a high net worth individual who receives a substantial amount of dividends from his trading company. He has 2 children who attend university and he was having to draw additional dividend income to pay for their university fees. However, this income was suffering tax at the additional rate of 38.1%.
We advised him to set up a discretionary trust for the benefit of his children and gift some shares in the company to the trust. This gift was free of CGT due to hold over relief and free of lifetime IHT due to 100% business property relief.
The company then paid dividends to the trust and the income was subsequently distributed to the beneficiaries to fund university fees. The trust was subject to income tax on the dividends but the children were deemed to receive the distributions net of a tax credit in respect of the tax paid by the trust on the underlying income. As the children are not taxpayers they were able to reclaim all of the tax credit from HMRC. This has resulted in significant annual tax savings for our client.”
Stephen Charles has been working with a client in respect of their potential inheritance tax liabilities. By arranging for the family estate to be passed on to the next generation while moving into a converted barn, which will be subject to a long lease at market rent, we should significantly reduce exposure to inheritance tax for the family. This scenario required an in-depth analysis of not only inheritance tax, but capital gains tax and Stamp Duty Land Tax.
Other areas we have advised on recently include:
- Assisting trustees with the establishment of trusts and recommending a suitable investment strategy
- Expert witness work which includes advising on and producing documentation to assist in claims against estates under the Inheritance (Provision for Family & Dependants) Act 1975.
- Acting as a joint expert in respect of capital gains tax in a divorce.
- Working closely with deputies and attorneys in relation to individuals who lack the capacity to deal with their own finances. Ensuring the correct decisions are made at the correct times to provide that stability and support for the individual and families for the remainder of their lives.
- Assisting individuals and trustees with investment strategies for personal injury compensation.
- Assisting business owners with tax-efficient profit extraction for key business stakeholders.
- Advising a business owner who was moving abroad on his UK tax residency and a suitable remuneration package.
- Advising individuals/deputies/attorneys with long term care funding advice
Contact us for a free initial meeting
For us to provide the best quality service we think it is very important to establish a relationship with you. This is why we offer all new clients a free initial meeting. This meeting will enable us to meet you and understand you, your finances, and your financial aspirations. This is to ensure that we can provide you with the correct services and the best possible advice.
To find out more about how one of the leading independent firms of accountants, tax and financial advisors in Sheffield, Doncaster and Northampton can help you, please contact one of our specialists. We believe in long-terms client relationships and understand the importance of meeting to establish that you like us.
We would love to be involved in planning for you and your family’s future and we look forward to hearing from you!
Free initial meeting
Director of Hawsons Wealth Management Limited, Sheffield