As experienced Tax Advisors to Accountants we often encourage our clients to review the profiles of their own clients on a regular basis. This helps to identify if there are any areas of risk and also to scope out any potential opportunities that can add value to their client relationships.
Here are some key areas which deserve focus and a quick overview:
- Retirement
- Succession
- Pension planning
- Residence/domicile
Retirement
Age is an important factor in claiming reliefs and avoiding pitfalls. There are other conditions that need to be met to avail of certain reliefs, for example, periods of ownership and working time.
Succession
A client might also be considering the issue of succession.
- Will the business stay in the family?
- Are there structures that may need to be considered for the passing/sale of the business?
Does the client have other assets including land or buildings which he/she may want to pass to their family in the most tax efficient manner? A plan can be put in place in order to carry out their wishes.
Pensions/Residence
Early reviewing of pensions and provision for retirement, gives more time to plan actions for the year. Consider the residence/domicile of client’s and his/her spouse, as there may be opportunities for tax planning around this.
You can add great value to client relationships by being proactive and engaging with them at the earliest opportunity. In our next post we will provide some tips to assist you in this process.
