Q: I am setting up a business. What do I need to do?

A: Being self-employed carries additional tax reporting duties. All of the following will have to be considered when you become self-employed:

• Registration with the Inland Revenue
• Record Keeping
• Liability to Class 2 and Class 4 National Insurance
• Possible VAT liability
• Preparation for future tax liabilities.

From the calculation of their class 2 and class 4 National Insurance liability, to arranging for your VAT returns to be completed, Coutts Tax Service will be able to help those who are setting up their own business. We will also be able to advise on any appropriate tax planning opportunities that arise.

Q: I have recently found a country property, which I would like to buy as a second home. How will this affect my main residence and what are the capital gains tax (CGT) implications of this purchase?

A: Firstly, you will need to think about whether both properties will be used as proper homes for whether one of them is really a holiday home. If only one is your home then any gain on sale of the other will be subject to CGT. If both qualify as homes then you should elect for one of the properties to be your principal private residence, for CGT purposes. This election must be made to the Inland Revenue within a specific time period. Coutts Tax Service will be able to help you with this election and make sure that it is made on time. We will be able to calculate the potential tax and make sure that all possible claims and reliefs are taken into account in order to minimise the tax liability.

Q: How can Coutts help me with my tax returns?

A: Coutts offer a UK tax compliance service to all clients. Our tax advisers work alongside your private banker to offer you a complete wealth management service. Not only do we complete your tax return, but we:

• communicate directly with the Inland Revenue on your behalf
• arrange for your tax liabilities to be paid from your Coutts account
• keep you updated on topical tax issues with regular newsletters and make sure that any tax planning opportunities are brought to your attention
• offer an ad-hoc tax planning advice. We have experts in many areas including share options, buying & selling of various types of assets and tax saving opportunities.
• our experts are in-house, making the process of computing your tax information far easier for you.

Apply
To take advantage of our tax services, you need to be a client of Coutts. If you are already a client, please speak to your private banker. If you wish to become a client, please either complete this form or contact us on +44 (0)20 7753 1963