May Private Client Tax Newsletter 

Staff News 

In the last month Holly and Nathan have been busy studying and undertaking their exams and have worked extremely hard at juggling their time between servicing our clients and revising – we all wish them well with their results in July. 

Erol and Alex joined our team recently and have been involved in complex trust, estate and IHT work, as well as getting to grips with the tax return season! It’s been a steep learning curve but exciting times for them both as they commence their journey in Private Clients. 

New Business 

In terms of the new business pipeline, this remains strong from internal referrals and our external contacts. Please continue to cross-refer your clients to our team for IHT and Private Client work – if you need to understand more about what services we offer, please do get in contact with Clare Eve. 

We have recently partnered up with a firm in Dubai, Sanctuary LLC, who is part of the Sovereign family, and we have begun referring work in both directions. The work provided is currently complex UK advisory. This further increases our connections in offshore jurisdictions and helps promote our Affinia Brand overseas. 

Celebrating Success 

Following an internal referral into the team, Ashley agreed an initial fee of £12,000 with Soprema UK Limited, an existing Colchester client. Soprema’s Managing Director has been working between the UK and Belgium for the past 6 years without any consideration to his UK tax exposure! Our initial fee includes a review of the statutory residency tests for each applicable tax year to initially determine his residency position in each year and to then calculate any UK tax exposure during this period. This is stage one of a three stage project. Stage two will involve a disclosure to HMRC and finally stage three will involve advising the MD of how best to relocate to the UK and the new residency rules now in place.  

Total fees are expected to be in the region of £20,000-£25,000 – well done Ashley, this is a fantastic success story from an internal referral for us. For the Managing Director of Soprema, we will be able to make a real difference to his personal position. 

That covers this month’s update. As ever, if you need any support from the Private Client team, please get in touch with Clare Eve in the first instance.