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Success doesn’t happen by accident. Having a goal, planning carefully and being confident to make the right decisions at the right time likely contributed to your success. It’s those same principles that need to be applied to your tax affairs.
Now is the time to take professional advice and in doing so help secure your future – and that of your family – for years to come. Whether it’s advice on significant lifestyle changes such as an international move, an inheritance receipt, helping your children buy their first home, or if you simply want to ensure that your tax affairs are properly managed, KPMG can help.
Our personal tax service is an efficient, accessible and affordable digital tax service that offers high-quality, tailored tax advice built around your needs. A proactive, knowledgeable personal tax adviser from KPMG in the UK can guide you through a review of your tax affairs and leave you feeling in control.
The personal tax service
As the UK tax system becomes ever more complex, it's time to get confident about your tax affairs. Delivered by our national team of private client specialists, the personal tax service uses market-leading technology to help you access the high-quality, tailored personal tax advice you need, at a price you can afford.
Our dedicated team of tax professionals across the UK can help you with all aspects of business, personal and family tax issues. Click below to find out more.
Inheritance tax
Understanding UK inheritance tax and the statutory reliefs and exemptions available can have a big impact.
Property
From helping family onto the property ladder, to purchasing additional properties, thinking about tax has never been more important.
Relocating to or from the UK
Whether you're moving to or leaving the UK, understanding your tax residence position will be key.
Domicile
Domicile is a long-standing common law concept that can impact your UK income tax, capital gains tax and inheritance tax position.
Entrepreneurs and OMBs
No matter if you’re selling your business or just starting-up, understanding your personal tax position matters.
Family matters
Thinking about your family’s tax position holistically can add real value, particularly when there’s a change in personal circumstances.
Tax investigations
An HMRC enquiry can be stressful and time-consuming; as your tax adviser we’ll simplify the process.
Compliance services
From annual self-assessment tax returns to IHT reporting, our specialist team can help with all your compliance needs.
Inheritance tax
Inheritance tax is a highly emotive area, and one that can be difficult to think about. However, it has the ability to greatly impact the amount of wealth that you are able to pass on to your family. Taking the time to give early consideration to your personal tax position and understand how your estate will be taxed is vital.
The UK inheritance tax (IHT) regime is not straightforward. IHT can fall due at rates of up to 40% on any assets held on death. In addition, it doesn’t just concern itself with your estate after death. Tax may also be payable on lifetime gifts; either immediately, or at a later stage. A UK domiciled individual is typically subject to IHT on their worldwide estate.
What we can do to help:
- Explain how IHT works
- Assess your current exposure to IHT
- Advise on your entitlement to statutory exemptions and reliefs
- Offer guidance on making gifts to family and the use of trusts
- Help you understand how IHT may impact your family business
- Explain trust and estate compliance and reporting obligations
Property
Whether you have an existing buy-to-let portfolio, are wanting to assist your children in getting onto the property ladder, or are looking to dispose of current property interests, understanding the UK tax landscape, and the potential impact of recent changes is of great importance.
Key areas to consider:
- Stamp Duty Land Tax (SDLT) for purchases of ‘additional’ residential properties such as second homes and buy-to-let investments
- The extension of the Annual Tax on Enveloped Dwellings (ATED) regime.
- The deductibility of finance costs for tax purposes and the abolition of the ‘wear and tear’ allowance.
If you are thinking about disposing of a UK property (even if you live overseas), then it’s important to give early consideration to your tax reporting obligations, and the potential reliefs and exemptions available to you.
What we can do to help:
- Advise you on buy-to-let tax considerations, including incorporation and property acquisition advice
- Offer guidance on assisting children and other family members with their property purchase
- Advise you on property acquisition for second family homes and holiday homes
- Assist with understanding property disposal, including guidance on Private Residence Relief (PRR) and lettings relief
- Assist with your tax compliance and reporting including ATED, non-resident landlord returns and non-resident capital gains tax returns
Relocating to or from the UK
Whether you are moving to or leaving the UK, or spend part of the year here, knowing whether or not you are resident in the UK for UK tax purposes is critical in determining your exposure.
The Statutory Residence Test (SRT), which looks at both the number of days you spend in the UK and ‘connection factors’ to the UK. The rules can be complex and some of the connection factors require deep analysis to ascertain whether they apply.
In addition, an individual may be dual resident in both the UK and another country for tax purposes. This can make it difficult to know to which country tax is payable, making it necessary to consider any relevant double tax treaty to determine where a tax liability is due.
What we can do to help:
- Assess your residence status under the UK Statutory Residence Test (SRT) including the potential eligibility for split-year treatment
- Advise on the impact of your residence status on income tax, CGT and IHT
- Advise on arrivals and departures
- Help you to understand overseas tax considerations
- Offer guidance on, and assist you with meeting your tax compliance and reporting obligations
Domicile
Domicile is a long-standing common law concept. An individual generally inherits it from their parent at birth, and this is typically only lost as a consequence of adopting a permanent intention to reside indefinitely in another country. It is fundamentally distinct from nationality or residence, although both can influence an individual’s domicile. Importantly, it can have a major impact on the way that you are taxed, and can therefore greatly impact your overall financial position.
Understanding whether you are UK domiciled or non-UK domiciled for UK tax purposes is critical in determining exposure to UK income tax, capital gains tax and inheritance tax. Once clarified, we can manage any resulting impact on your personal tax position.
What we can do to help:
- Offer guidance on your domicile status including the application of the ‘deemed domicile’ rules for long-term residents
- Assess your exposure to income tax, CGT and IHT in light of domicile status
- Advise on the use of offshore trusts and overseas companies
- Offer guidance on the remittance basis and how ‘rebasing’ works
- Assist in meeting your personal tax compliance obligations
Entrepreneurs and owner-managed businesses
Building and running your own business is hard. Thinking about your personal tax position can be an unwanted complication that detracts and pulls you away from what you do best. However, understanding the UK tax system, your reporting obligations and the available reliefs and exemptions is absolutely critical to the success of your endeavour.
Exiting your business, be it an Initial Public Offering, trade sale, private equity investment or family succession, can be a once in a lifetime event so it’s vital to do it right. Despite that, we continually see individuals under-prepare. Failing to take professional advice has the ability to significantly impact the net proceeds that you ultimately walk away with.
For businesses at the other end of the company lifecycle, thinking about your personal tax position from the start can have lasting benefits for years to come. We can help you to get it right.
What we can do to help:
- Advise on business exits and share disposal support
- Provide you with entrepreneurs’ relief and investors’ relief reviews
- Transaction clearances
- Advise on cash withdrawal
- Shareholder structuring
- Review the BPR status of your business
Family matters
The breakdown of a marriage or civil partnership is stressful, and tax is likely to be the last thing to think about. However, not giving early consideration to the tax implications associated with separation, divorce and the terms of any proposed settlement could have major financial ramifications. We can help you plan your next step.
The rules associated with divorce and separation can be complex, and differ by tax. Whilst transfers between spouses or civil partners are generally subject to specific tax exemptions, these tax advantages often end with separation or divorce. The transfer of assets from one individual to another can have several potential tax implications and any transfers of UK property interests, such as the family home, should be carefully managed. The timing of transfers is also critical so care is required and expert advice highly recommended.
What we can do to help:
- Offer guidance on the various Income Tax, IHT and CGT considerations that you should be thinking about
- Advise you on the timing of asset transfers and the implications of separation and the Decree Absolute
- Assess the tax implications of the transfer or division of the family home
- Advise you on the tax considerations for prenuptial agreements
Tax investigations
Whatever the reason, an investigation into your tax affairs by HMRC can cause feelings of anxiety and stress and unravelling the requirements can be confusing and time consuming. As your tax advisor we’ll simplify the process, proactively working with you and HMRC to devise a plan that will lead to a resolution.
There are various types of HMRC investigation, from a routine self-assessment compliance check, to Code of Practice 9 enquiries.
What we can do to help:
- Help you with all aspects of HMRC enquiries
- Advise on specialist HMRC investigations including Code of Practice 8 and Code of Practice 9
- Perform tax ‘health checks’ and risk assessments
- Assist you with voluntary disclosures for underpaid tax liabilities (including use of the Worldwide Disclosure Facility)
Compliance services
The UK personal tax compliance landscape is complex, with reporting requirements that vary depending on the type of tax and your individual circumstances. The self-assessment system of taxation means that it is your personal responsibility to complete a tax return where required and to provide HMRC with full details of all taxable income and capital gains. We can guide you through the process to help you ensure you’re fully compliant and pay the right amount of tax.
Not paying the right amount of tax at the right time or failing to lodge a tax return with HMRC by the relevant due date can result in heavy fines. Additionally, failing to tell HMRC about your chargeability to UK tax could potentially result in them being able to go back up to 20 years to collect any underpayments of tax.
Given the strict deadlines and the fact that potential penalties can be as much as 200% of any underpaid tax in some circumstances, it’s important not to get your UK tax reporting obligations wrong. Let us help you get things right.
What we can do to help:
- Assist in completing personal tax returns
- Advise on IHT, trust and estate returns
- Help you to complete ATED (Annual Tax on Enveloped Dwellings), NRL (Non-Resident Landlord) and NRCGT (Non-Resident Capital Gains Tax) returns
- Corporate tax compliance services
How it works
01 
Book an initial no-obligation consultation with one of our personal tax advisers at a time that suits you by clicking here.
02 
Free initial 30-minute introductory call to discuss your personal circumstances and needs.
03 
A fact sheet summarising the key matters discussed, and a proposal setting out our costs and services will be issued to you by email.
04 
Engagement acceptance (and new client acceptance for individuals who are not existing clients of the firm).
05 
You will be asked to complete an electronic questionnaire to provide us with full background on your relevant personal circumstances to ensure that our advice is tailored to your needs.
06 
Our advice will be prepared and issued to you electronically within two weeks of us receiving a completed questionnaire.
07 
You will be offered a further 30-minute call with your personal tax adviser to discuss any questions that you may have on the advice.
