SERVICE

Tax

Key contact

Sue Hunter
Sue Hunter
Partner
Sue is a partner and head of our Private Client sector.  She is also the head of our Wealth Management team.
0131 516 2928

Tax is an inevitable part of life and is often relevant at the time of death too. Tax evasion is illegal, but it is perfectly legitimate to try and reduce tax liability by planning within the laws in force at the time. Tax needn’t hurt as much as it might.

 

Benefits we bring to you 

Being subjected to the ever-changing world of tax requires having a proactive, up to date financial adviser by your side. You want to be assured that the advice you receive, when structuring your estate in a tax efficient manner, is delivered after all avenues and options have been considered, that the interaction of inheritance tax, capital gains tax and income tax has been taken into account and that the advice fits you and your family.

We consider that there are three main elements:

  1. You want to know the information provided to H M Revenue and Customs is correct
  2. You want to know when and how much tax to pay
  3. You want to know that ways of reducing your tax bill have been considered

The areas we work with most include: 

  • Tax returns for individuals, dealing with both income tax and capital gains tax
  • Tax returns for Trusts, both ongoing, at creation and on wind up
  • Tax returns during the administration of a deceased person's estate
  • Tax returns required for stamp duty land tax on the purchase of property

At Morton Fraser, our clear, in-depth knowledge of the law, coupled with an understanding of your circumstances and wishes, can protect your family and any other dependants from the impact of Income Tax, Capital Gains Tax and Inheritance Tax. If you have accrued wealth and assets, or hope to do so, it is in your best interests to embark on a clearly outlined tax planning strategy at the earliest opportunity. 

Regulated by the Financial Conduct Authority, we are Independent Financial Advisers as well, which enables us to complete a whole market review. We can advise and set up tax efficient financial products, potentially saving you money while protecting your assets.

How we can help you 

  • Formulate a tax planning strategy which meets your objectives
  • Complete your annual tax return and submit it to HMRC
  • Find ways to minimise your Income Tax liabilities
  • Structure your assets to minimise the impact of Capital Gains Tax and Inheritance Tax
  • Set up appropriate Wills, Trusts, Companies and Partnerships
  • Access and pass on pension plans in a tax efficient way

How much does a tax adviser cost?

We want to provide our clients with fixed fees for tax advice and planning. That can be quite difficult to do unless we properly understand your own individual circumstances, and what we need to do for you. We don't want to compromise the work we do for you or the service we deliver, by offering a headline grabbing fee quote, which we don't then deliver on. Our approach to feeing is therefore to meet with you, and to establish your objectives. The cost of this meeting, which will include a review of your assets, succession planning and your tax situation, will be £270 + VAT. At this meeting, we will provide you with an estimated fee for carrying out the work, and we will not go ahead with that work unless you have approved that fee quote.

How can a financial adviser help? 

Our solicitors and tax advisers will get to know you and will establish what you are trying to achieve when considering tax planning. We will clearly explain the options open to you and what the implications of a certain course of planning will be. We will ensure you are completely comfortable with any planning you wish to put in place and will encourage ongoing discussions and reviews to keep the advice and planning relevant as circumstances change. For tax compliance, our tax advisers will clearly explain the self-assessment process and the requirements for the filing of a tax return. We will prepare your Return, submit it to HMRC, advise you of payment dates and amounts, and deal with any issues raised by HMRC. We keep in regular contact with our clients ensuring that they are aware of what we do at every step of the process.