I'm a tax accountant for the very wealthy AMA

[LadyGodivaRidesAgain]

I do not ride horses naked though. :)

So how can one get rich like them ? What jobs would you recommend?

Thanks. That's helpful. Although in a largely theoretical way

,I might bring down my financial goal from £100 mill then and give myself the afternoon off...

That really made me laugh

The most likely people dodging tax are men who are having affairs, planning to leave their wives who gave up their career to support them, and about to be chucked out on their arse, with no savings to pay a decent divorce lawyer. How do you sleep at night?

Self employed men!

Help?

My husband is getting between a £500,000 - £600,000 payout from some shares in a company. What can we do to manage capital gains?

We considered putting it into a company and paying ourselves out from it. But that’s a bit tricky. So, we decided against it.

Any advice?

Best ways to make the most of this lump of cash?

Sorry wrong thread oops!!!

babyfunky one quick and dirty method would be to sell some of your shares NOW to one of your parents. This will crystallise some of the gain immediately in this tax year, so will utilise some f your tax allowances. Then your parents in their generosity ‘might’ decide to gift these shares to your children, who as basic rate tax payers will pay less on final disposal. Then crystallise the rest of the gains after 5 April. Saves a bit of money with relative ease. Especially good if your kids are at independent school because they can use their dividends etc to pay their own school fees (the money from dividends and disposal is legally the kids, but IIRC you are allowed to spend it for them if it is for their benefit). Specific amounts to do this with depend will on your own tax status, number of kids, etc. For the sum involved, an hour out a tax advisor would be money well spent.
Other options are quite complicated and some are a bit morally dodgy.
Does money come from a family company or similar? If your husband has a significant interest int he business then you might be eligible for entrepreneurial relief (happy days for you if so). Google it to see if you fit the rules around this.

Yes, sound like BF husband is selling the shares and getting about £500k so the first issue will be if he only pays 10% CGT because of Entr. relief. if so I would probably tax advantage ASAP as that relief might go and we might get much higher capital gains tax. In fact I'm not sure if I understand the issue - if the shares are being sold and you are getting cash then the issue is where best to invest the cash.

How much do you yourself earn?

Do you work for an accountancy firm or are you self emlployed?

How did you get into this line of work?

Are there any things us ordinary working folk can do? For example it bugs the HELL out of me that we pay tax on income, then we strive to save money and not be a burden on the state, and then we have to pay tax on the interest on savings .... but we've already paid tax on that money we've saved! This kind of thing? Really annoys me when gigantic companies and rich people avoid tax through all kinds of loopholes/tricks.

How many of them are still with their first wives?

There have been a number of high profile people found to have been using tax avoiding techniques that whilst not illegal might be seen as immoral. Who, in your opinion, is the driving force behind this - the client or the accountant? If it’s the client is this because they are immoral and poorly informed. If it’s the accountant is it because they are over zealous or crooked?

Oops * immoral OR poorly informed (by which I mean deliberately trying to avoid tax or not)

What percentage, if any, believe they are superior to people who earn a more standard salary?