Tax Services

Ward Goodman Private Tax clients benefit from the synergy between our tax team and our financial planners. We seamlessly combine your investment and tax planning.

Tax rules change constantly, so we invest in regular updates for our qualified and experienced staff. We are committed to using effective and secure technology to make processes work better for you. Most returns are submitted electronically and we offer a secure portal for transmission and approval of sensitive documents. This technology will allow us to adapt to the expected changes in the way the tax system works.

Making Tax Digital has been postponed for a few years, but watch this space for future updates about new ways of meeting your tax reporting obligations.

“We can offer fee protection insurance to ease the worry of the costs of a tax enquiry.

Services We Offer

Personal Tax returns

Personal tax returns under the self-assessment system have to be submitted by 31 January following the end of the UK tax year. Self-assessment tax is paid on 31 January and 31 July. Other tax is paid through deduction at source from salaries and pensions. We can check your tax codes to make sure they are reasonable.

Our clients have peace of mind from knowing that their tax returns have been completed correctly and on time. We use our professional skills to make sure that any relevant claims and deductions are claimed appropriately. We give timely advice about what to pay, and when, especially for clients first encounter with making tax payments on account.

Our expertise covers the wide range required – for example, exercise of share options, complex EIS relief claims and portfolios, overseas income, advice on UK Residence status, UK, returns for non resident taxpayers, non domicile advice and receipts from offshore trusts including capital payments.

Capital Gains Tax (CGT)

You may pay CGT if you make a profit on selling assets such as rental properties, or shares, but not cars. The calculations can be intricate. You must usually report transactions to HMRC within the self assessment system. If you have made a loss we help you claim reliefs.

Sharing ownership of assets between married couples or civil partners can be a simple and effective strategy to reduce tax, especially when assets are sold. The basic position is that spouses own joint assets in equal shares. This can be varied, but you must have legal documentation to support this. If partners are not married then tax rules are different – not just for CGT but also for Inheritance Tax.

Assets given to you by a spouse before 6 April 2008 could have an extra deduction in working out the gain: it is worth checking.

Selling your home is often tax free, but not always. If the property has a lot of land attached there could be a tax charge. If you spent time away or rented it out for a period this can mean CGT is payable. Selling a leasehold property is even more complicated. If selling your house or garden to a building developer and the deal gives you a future share of their development profit, this “slice of the action” deal will be charged to income tax rather than CGT.

Rental income and accounts

Many of our clients have rental properties – we advise on all the tax aspects, and help you understand the impact of changes. Where possible, we consider whether the tax burden can be reduced by changing ownership structures. Maybe a property company might be the right way forward for you? We also work closely with our colleagues in WG Financial Services when refinancing is required.

Trusts and Deceased Estates

We have expertise in interpreting the tax implications of different types of trust deeds and explaining them to our clients, and we work closely with your legal advisors.

We prepare self assessment returns of income tax and capital gains tax for UK trustees, and can advise trustees on tax efficient distributions to the people who benefit from the trust where appropriate. We will usually deal with the beneficiaries’ tax returns as well, or we work with their own advisors.

We can prepare annual trust accounts if this is required or helpful for all concerned – this is typically useful if the trust holds land and buildings, or if there are many different classes of beneficiaries.

Most UK trusts have to pay 10 year inheritance tax charges, and we advise trustees and deal with the reporting to HMRC Capital taxes. We advise on the tax implications of taking assets either in or out of trusts.

We can also advise on the implications of receiving income or capital benefits from offshore trusts including capital payments.

We also advise on tax implications of deceased estates especially where the estate takes several years to administer.

Book a Meeting

If you would like to discuss further, please book a meeting with an experienced member of our team. Simply let us know when’s best for you and we will get in touch to arrange a suitable time.




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