Can anyone recommend a tax adviser?

[JessieMcJessie]

I need some advice on my tax position, which is a bit complicated as I lived outside the UK for 6 years and have a couple of offshore investments.

Do any MNetters work as tax advisers, or can anyone recommend an adviser? I’m sick looking at men in striped shirts on adviser websites, would much rather give my business to a woman!

I don’t need someone local, happy to do it all by email and phone.

PS I don’t mean I need someone to help me with this year’s tax return, that’s all sorted. It’s not urgent, just want to clarify my position so I can do some forward planning.

While I am a tax advisor, I wouldn't recommend using someone from here as it is basically touting for business. You won't know their background and it could be anyone.

Try and ask around for a local recommendation, as then you know you are getting someone proficient.

Alternatively, if you just want someone you know can do it and don't want to think too much into reputation, then look into the top 10/20/50 accountancy firms and choose one of those.

Thanks. Obviously if anyone was recommended I’d be checking their professional registration, website, PI insurance etc. I am a lawyer so a professional myself, I know what to look for. “Local” doesn’t work for me as I am in London. I’m not a high net worth individual so I don’t imagine a top 10/20/50 accountancy firm would be that interested in my business. I had hoped that there were women out there who do this sort of thing as sole practitioners or in small local partnerships. Perhaps not. And is there anything wrong with touting for business? We all have to get our clients somewhere.

I had hoped that there were women out there who do this sort of thing as sole practitioners or in small local partnerships. Perhaps not.

Highly unlikely as it's a very specialised area advising re overseas tax and offshore investments, hence why the poster above suggested a top 50 firm as they're the ones who'll have a "offshore" department specialising in it with staff individually specialising in different overseas countries as there are numerous different tax treaties so you can't assume that income derived from say Spain is taxed the same way as income derived from USA (not even the same within the EU). The last thing you want is some general practitioner who thinks they know it all or who are just going to look it up. I'd be very surprised if you could find a sole trader, unless you happen to come across who randomly knows all there is to know about the particular country in question. Then again, it may not be a specialised area at all, depending on your investments, so perhaps any general practitioner could do it - but without a specialist opinion, who knows?

“Local” doesn’t work for me as I am in London.

Not really sure what you mean. London is probably the best place to find a specialist.

I just need someone who understands the rules about bringing income into the U.K. from an offshore investment, it’s in the Isle of Man, nothing to do with the tax in my previous country of residence. It has to be done in stages to be tax efficient and there is the concept of “top slicing” to be taken into account which should be bread and butter to any U.K. tax adviser who deals with personal tax.
My point about local is exactly that- London is full of expensive specialists and that isn’t what I need.

I am currently working with a client who has IoM investments, and considering you mention top slicing relief I hazard a guess you are talking about an overseas bond?

One thing I will say is that how an overseas bond interacts with tax is a funny one. For one thing, a tax advisor will have to review the policy documents to see whether it is a qualifying bond or not for notional tax credit purposes, as it affects the top slicing calculation and the order it is taxed. They would also need to know where to look in the legislation and how the particular sections interact. It goes back and forth and can be fiddly.

I highly doubt your average sole practioner would have the knowledge about this; most would understand where to put a life insurance gain on a tax return and their software will calculate the tax, but unlikely to be able to do it by hand and fully understand the calculations to be able to advise on the best planning.

I don't mean this in a bad way, but you really do get what you pay for and it's best to take a hit now paying for advice rather than get it wrong and pay dearly for it later.

Perhaps Google 'private client tax' professionals and see where that gets you? As that is the particular area of tax you require. It should hopefully throw up some smaller practices who might be able to help.

Thanks. Yes, it’s an overseas bond. There’s not a huge amount in it, that’s why I need to make sure I don’t pay more tax than I have to; I don’t want to be looked down upon by some pinstripe used to dealing with millionaire private clients.

Off shore bonds are common for a good IFA. Top slicing isn’t actually relevant as the tax rules are different - often a surprise (as shown here). It will be taxed as income.

Use a Chartered IFA

should be bread and butter to any U.K. tax adviser who deals with personal tax.

I've been a qualified accountant doing personal tax returns for 35 years and I've never seen one.

I’m not sure what you are trying to prove here Broadbunny? Pardon me for trying to offer some work to women with small businesses.

Badbadbunny.

My point about local is exactly that- London is full of expensive specialists and that isn’t what I need.

My point is that perhaps you do need a specialist. As for cost, presumably you're enjoying the London wages as a Lawyer that you expect others to pay your expensive fees?

presumably you’re enjoying the London wages as a lawyer that you expect others to pay your expensive fees

That makes no sense. The way that I earn my money has zero relevance to what I pay other people to provide a service to me. I’m not looking for someone to give me a discount on their normal rates. Are you suggesting that as a good earner it’s my duty to use the most expensive builder/beautician/car mechanic I can find rather than looking for the most reasonable price for a competent job? On that analysis should I have used Clifford Chance to do my conveyancing?

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