Charles Tateson’s Post

🚨🟡🟢 New sponsorship deal - Here we go! Proud to announce that The Tax Faculty LLP are 24/25 shirt sponsors for Wallsend Boys Club. A staple of junior football in the North East, with a proud history of developing some of the finest local talent at grassroots, providing a pathway to professional football. Past players include ex-England captain Alan Shearer, ex-England Internationals Peter Beardsley and Michael Carrick among others. As well as their success on the field, Wallsend are also well known for their work in the local community, providing a safe environment for local children and adults to enjoy sport. Those of you who know me well will be aware that I am a huge champion of grassroots sport and the health benefits that are offered, in both physical and mental health. Incredibly happy to be associated with the club and wish the club success and enjoyment for the season ahead. #grassroots #sponsors #tax

I think most of us can agree that HM Revenue & Customs having a greater number of well-trained, competent tax professionals can only be a good thing. Those of us “on the other side” spend enough time criticising HMRC (and rightfully so at times), but I can’t recommend the TSP highly enough. Having worked for HMRC for almost 20 years (4 of those years undergoing the formal training which preceded the TSP course) before I left to found The Tax Faculty LLP, I can confidently say that the programme gave me a great foundation for my career in tax. When I look back at the work that I was involved in during my training (lots of tax investigation work, drafting of legislation, meetings with business owners turning over hundreds of millions of £), the breadth of experience and knowledge of the inner workings of HMRC that you can gain is amazing - something that my current clients really appreciate. Obtaining a 1st Class Hons Degree in Taxation at the same time was just a bonus. I’d encourage anyone who is interested to take a look at the link below 👇 PS - I’m not on commission from HMRC for any successful candidates that I refer, I really do think that the Programme is well worth a look for those considering a career in tax! #hmrc #tax #taxcareers #careers

Last week I was in the offices of St. James's Place – Asia & Middle East in Dubai to discuss how The Tax Faculty LLP can assist their clients and vice versa. This came about after it almost snook up on me that around 50% of my private clients are now non-UK residents, many of them being ex-pats living in the UAE. I’m not sure if that tells you more about the current state of the UK or how well our excellent marketing team are doing, but it does lead to opportunities to help more clients with more aspects of their finances, not just tax. Spending the time to develop a network of trusted professionals in order to offer our clients a wider range of services has proven to be incredibly successful over the last few years.

🏠 Abolition of Principle Private Residence Relief? 🏡 Another topic of discussion with a lot of clients recently ahead of the Autumn Budget are the potential changes that could be made to one of the most used reliefs in the UK tax code - Principal Private Residence (PPR) relief. Most people who use this relief probably aren't even aware that they are using it on the sale of their home to stop them from paying tax on such a sale. Now, let's be clear: the likelihood of the Chancellor abolishing PPR relief entirely is very, very slim. PPR relief has long been a cornerstone of the UK tax system, allowing homeowners to sell their main residence without facing a CGT bill. Eliminating this relief altogether could create widespread financial strain and would be extremely unpopular to say the least! However, there have been whispers of considering the introduction of a "rollover" aspect to PPR relief, meaning that the relief would only apply if the proceeds from the sale are reinvested into a new main residence. This would be a significant shift in how PPR relief works, and it could have some interesting effects on the property market. If the rollover model were introduced, it might encourage homeowners to stay in the property market, continuously moving their wealth from one home to another rather than cashing out entirely. This could create some unintended consequences. For instance, homeowners who were thinking of downsizing might be discouraged from doing so if they would lose the CGT relief unless they reinvested in another property of similar value. It could also mean that those who choose to sell their home without reinvesting - perhaps to fund retirement or pay off debts - could face a tax bill that they wouldn't have anticipated under the current rules. While a full abolition of PPR relief is unlikely, any tweaks to this well-established relief could have wide-ranging implications for homeowners and the overall housing market. It would be a move that requires careful consideration, as it could either help boost government revenue or stifle property mobility, depending on how it is implemented. Would it be worth changing PPR relief? For the hassle of implementing any changes and the potentially low impact on the exchequer, I can't personally see too much being changed on this one. We will find out in a little over a fortnight. #cgt #capitalgains #capitalgainstax #budget #autumnbudget

As we approach the Autumn Budget, there is ever-growing speculation that the Chancellor may increase Capital Gains Tax (CGT) rates up to the point that many are considering this a certainty. Such a move could have wide-reaching implications for individuals, investors, and the economy at large. In the article below, I explore some of the commercial and socio-economic impacts that could arise if CGT rates are increased in the Autumn Budget. During a discussion with a room full of Wealth Management partners, a popular topic was “What if the rise in CGT rates cause a lower amount of transactions? Could a rise in the rates of CGT actually reduce the amount of tax brought into the Treasury?”. This may seem far-fetched, however I can understand the sentiment here. Surely it would be better to bring in £14bn in CGT at a lower overall rate than say £10bn of CGT at a higher rate of tax if such changes to the current rates mean that a lower amount of transactions take place. #capitalgainstax #autumnbudget #budget #cgt #tax #taxes #hmrc

Over the last few years I have built some fantastic relationships with Family Law firms locally, across the UK and further afield. Our expertise and reputation in assisting those going through divorce or permanent separation is well-recognised, with a solicitor recently noting our "...incredibly precise and methodical explanation and clarity, while putting our clients at ease that any potential liabilities will be at the most tax-efficient levels possible". We are now keen to expand our network of Family Law professionals as we know from our current relationships that the formal Tax Reports, guidance and clarity that we offer is highly appreciated and help to ease the financial worry that they may be facing. Due to the nature of our client base, I am also looking for Family Law firms who are outside of the UK who may be able to assist our non-UK clients with their circumstances (and similarly whose clients have UK tax considerations and may require our assistance). So, in addition to seeking UK Family Law firms, we are also looking for Family Law firms in Dubai, Australia, Canada, the USA, South Africa and other such locations. If you or your clients require assistance with the tax effects of divorce or permanent separation, please feel free to reach out to us to see how we can help, just as we have for a great many of our clients over the years. #tax #familylaw #capitalgainstax

It was a pleasure to be invited by St. James's Place – Asia & Middle East to take part in today’s pre-Budget briefing at Arabian Ranches Golf Club here in Dubai. With many clients feeling anxious about the upcoming UK Autumn Budget announcement on 30th October, it was good to discuss the possible outcomes and what we as tax advisors can do to help our clients throughout this period. Capital Gains Tax and Inheritance Tax were certainly hot topics on the agenda today. Now we wait until the end of October to hear what our Chancellor has in store. The Tax Faculty LLP

Delighted by recent feedback from a personal client of mine: "I would like to recommend The Tax Faculty LLP, in particular Charles Tateson, who I spoke to on every occasion that I contacted. Absolute privilege to be able to speak to someone who is so informed and professional. I find CGT very confusing, but Charles took the time to explain it so well and has really simplified the process for me. Charles goes above and beyond in speed of response and availability" Find out how we can help you or your clients by visiting our website, or feel free to reach out to me on LinkedIn or by email on charles@thetaxfaculty.co.uk https://lnkd.in/ewB9_DYG

A good news story for this Friday, one involving a very positive interaction with HMRC. I like to think that I'm just as quick to praise HMRC when they do a good job as I am to criticise when I feel that they haven't met our expectations. Following on from my post below, I was contacted by an ex-colleague who is an Offshore Lead for HMRC. The reason for reaching out was that they wanted to understand more about the letter which our client had received and how our feedback could assist HMRC in recognising how such letters could be improved. We discussed matters and our feedback has enabled HMRC to review these particular letters and the accompanying forms with the objective of making these more user-friendly and including options for recipients to state that they do not have any overseas income or gains. It's great to see such a proactive and collaborative approach from HMRC on this type of issue and if the result is that these letters are changed for the better, then this should be applauded 👏 #hmrc #goodnews #tax #offshore #collaboration #cgt #taxconsultant

Happy Bank Holiday Monday! Guess who forgot to book out today as a holiday in their calendar and woke up to find 3 client appointments drop in overnight? Luckily after a weekend filled with my eldest son's (12) football, my daughter's (8) cheerleading and my youngest son's (2) Hot Wheels racing extravaganza, I'd planned to catch up with clients today ahead of a busy week. So my Bank Holiday Monday will consist of calls with clients in Canada, South Africa and Dubai, in between more Hot Wheels racing action and keep-up challenges in the garden (he still can't beat his old man even though he's 10 times the footballer that I ever was). Having the option to take time out and also choosing to work from home all on the same day while surrounded by family is a blessing that I am thankful for every day. Having a wife who doubles up as an extremely effective Business Development Manager for a number of our ventures also makes the world of difference! Enjoy your Bank Holiday everyone, whatever you may be doing. 🌧 Photograph taken before the traditional UK Bank Holiday downpouring of rain ☔ #tax #taxconsultant #bankholiday #capitalgains #nonresidents #cgt