We’re in the process of updating our website, and as part of that process, we’ve had cause to reflect on our values as a firm and what we think makes us different. These things are never particularly easy to articulate but, in our case, we believe that it’s a combination of factors, which include our understanding of what matters to our clients, the depth of our expertise, our approach when it comes to collaborating with other professionals and the long term relationships we take the time and trouble to establish.
Protecting your wealth
Protecting and helping to grow your wealth is at the very heart of what we do. The importance of knowing you’ve only paid the right amount of tax and that your private wealth is well managed and protected, shouldn’t be underestimated.
Protection takes many forms:
- knowing that tax returns are submitted on time and where an alternative may exist, the approach taken has been carefully considered with proper disclosure. When you know you’ve paid the right amount of tax, what’s left can be used or invested without unexpected surprises
- using financial structures to hold financial assets so the risk of dissipation is reduced (e.g. business or divorce)
- in relation to asset allocation, recommending the holding of cash balances typically equivalent to 3 years normal expenditure, so in the event of market volatility in assets valuations, you aren’t forced to sell any asset class.
Priority is given to ensuing our clients’ immediacy of access to our team and our managers are encouraged to form a professional but personal relationship with you.
The depth of our expertise
Ritchie Phillips are Private Client Tax Specialists with four areas of specialisation: (1) Private Clients and Private Wealth (2) Entrepreneurs and Growing Businesses (2) Non-Doms, Non-Residents and Overseas Wealth and (4) Tax Disputes and Investigations.
These specialisations are complementary. For example: (1) in-depth tax investigation knowledge helps shape our approach to the preparation of your tax returns so that any HMRC enquiry activity is concluded without adjustment to the tax return (2) post tax investigation clients typically become ongoing clients. Our involvement often results in no further investigation activity by HMRC.
As a result, we provide a full service to all clients, even those with the most complex financial and taxation structures, with multiple individuals, generations of one family, and multiple legal entities.
We also limit the number of clients we act for to ensure you always receive a bespoke service. The starting point is always, “What do you want to achieve?” and from there, our advice is tailored to achieving your individual objectives.
Collaborating with other service providers
By focusing on Private Clients and Private Wealth, we often prepare Asset Statements for a client, group of clients or generations of a family to understand any inherent Capital Gains Tax and Inheritance Tax liabilities and how wealth will devolve within a family, or to charitable causes.
By establishing this information, we can work with solicitors to ensure complete instructions are given so that they can focus on delivering your objectives effectively.
Because we also work with Entrepreneurs and Growing Businesses, we’re often instructed in relation to business valuations and operations, working with other professionals to ensure a complete and seamless service.
Our approach works and creates lasting relationships
By way of one example, we acted for a client in respect of a tax investigation concerning issues related to undisclosed tax liabilities and involving the remittance basis for non domiciliaries.
We advised admitting the client to HMRC’s Code of Practice 9 facility to avoid a potential criminal prosecution and to secure a resolution of their tax affairs. We drafted, in conjunction with specialist solicitors, the application for COP 9 which was accepted by HMRC. We also drafted the Outline Disclosure to HMRC, following which the client was interviewed by HMRC’s Fraud Investigation Service in the presence of Stuart and the solicitors.
We completed our report into our client’s tax affairs, which HMRC accepted. The tax was paid, and the client never had to meet or speak with HMRC officers again. The client is a continuing client of Ritchie Phillips.
If you’d like to know more about how we can help or would like to speak to a member of our team, get in touch today.