As we are now into a general election year, many of our clients have one eye on the anticipated change in government, and the tax implications which this is likely to bring. I am therefore expecting a busy year, as some clients will be looking to take advantage of the existing low rates of capital gains tax.
If you could make one change to tax, what would it be?
My one bug bear is not being able to speak to HMRC to find a pragmatic solution for all involved. Gone are the days where an adviser could pick up the phone to the statutory clearance team to discuss the specific details of a commercial transaction. Instead, we all seem to spend an inordinate amount of time providing written responses which are often misinterpreted.
Are there any new rules that are causing a particular problem in practice?
Where do I start? Like many advisers around the country, my colleagues in the R&D advisory team are having a tough time with the recent change in approach from HMRC, where they are often denying genuine claims submitted by clients. Whilst it was clear that the previous approach was often allowing fraudulent claims to slip through the net, it seems that the current approach has gone too far the other way. This urgently needs addressing if we are going to support innovative businesses to invest in scientific and technological advancement.
What are clients currently asking about?
In the M&A tax world, I am continuously asked about the availability of business asset disposal relief, and whether this is likely to be abolished in the future. Upon reducing the lifetime limit from £10m to £1m in March 2020, I believe that it is now set at a level where it is no longer considered to be a huge priority for either a Conservative or Labour government.
What do you know now that you wish you’d known at the start of your career?
Hard work pays off in the end. People often ask how I managed to get to partner at such a young age and the answer is hard work and dedication. I have always believed that if there was an opportunity to do something which could add even 0.1% to my ability as a professional adviser I would take it, and that is still the case today.
And finally, you might not know this about me but…
Being a huge boxing fan, I decided to take part in a charity white collar event in 2017 to raise money for Help for Heroes. Needless to say the training and fight itself were physically the hardest thing I have ever experienced, but despite losing, I haven’t completely ruled out a comeback bout.
As we are now into a general election year, many of our clients have one eye on the anticipated change in government, and the tax implications which this is likely to bring. I am therefore expecting a busy year, as some clients will be looking to take advantage of the existing low rates of capital gains tax.
If you could make one change to tax, what would it be?
My one bug bear is not being able to speak to HMRC to find a pragmatic solution for all involved. Gone are the days where an adviser could pick up the phone to the statutory clearance team to discuss the specific details of a commercial transaction. Instead, we all seem to spend an inordinate amount of time providing written responses which are often misinterpreted.
Are there any new rules that are causing a particular problem in practice?
Where do I start? Like many advisers around the country, my colleagues in the R&D advisory team are having a tough time with the recent change in approach from HMRC, where they are often denying genuine claims submitted by clients. Whilst it was clear that the previous approach was often allowing fraudulent claims to slip through the net, it seems that the current approach has gone too far the other way. This urgently needs addressing if we are going to support innovative businesses to invest in scientific and technological advancement.
What are clients currently asking about?
In the M&A tax world, I am continuously asked about the availability of business asset disposal relief, and whether this is likely to be abolished in the future. Upon reducing the lifetime limit from £10m to £1m in March 2020, I believe that it is now set at a level where it is no longer considered to be a huge priority for either a Conservative or Labour government.
What do you know now that you wish you’d known at the start of your career?
Hard work pays off in the end. People often ask how I managed to get to partner at such a young age and the answer is hard work and dedication. I have always believed that if there was an opportunity to do something which could add even 0.1% to my ability as a professional adviser I would take it, and that is still the case today.
And finally, you might not know this about me but…
Being a huge boxing fan, I decided to take part in a charity white collar event in 2017 to raise money for Help for Heroes. Needless to say the training and fight itself were physically the hardest thing I have ever experienced, but despite losing, I haven’t completely ruled out a comeback bout.
