Draft Version 1 15/09/2015 Tax solutions for financial services firms PRECISE. PROVEN. PERFORMANCE.
Tax solutions for financial services firms The Financial Services tax team at Moore Stephens provides advice and solutions to a broad range of businesses in the financial services sector, including asset and investment managers and advisers, hedge fund managers, private equity firms and funds. We have the niche expertise and knowledge to meet all your business requirements. With our team of business and private What makes us different advice and solutions rather than adopting client tax experts, we are in a unique Relationships a one size fits all approach. We offer position to consider the tax position of both Providing bespoke solutions and advising specialist tax advice, specific to the the collective investment vehicles, their on key decisions requires an understanding particular business and situation of the managers and investors. of your business and personal objectives. individual. Building enduring client relationships forms Tax has become an increasingly important the basis of our services, and provides us Integrated advice item on the business agenda over recent with the understanding we need to meet Our partner-led client teams incorporate times, and whilst we understand the your particular needs. Our partners are specialists covering corporate and personal importance of getting tax arrangements always ready to discuss your tax issues to tax, employer consulting, VAT, wealth right, we firmly believe that tax planning ensure you get the advice you need, when management and non-domiciliary and should complement rather than lead you need it. expatriate structuring. We work closely business strategy. We work closely with our with our audit and regulatory compliance audit and financial services compliance Bespoke solutions teams ensuring that our clients receive a teams to ensure our clients receive a fully We understand that each client is unique, totally integrated and efficient service integrated service which fully meets their both in terms of their requirements and where all information is used to increase business and personal requirements. circumstances, so we focus on tailored the value you receive from us. Tax has become an increasingly important item on the business agenda over recent times, and whilst we understand the importance of getting tax arrangements right, we firmly believe that tax planning should complement rather than lead business strategy. 2 3
Our Services e and ector, nd ertise Tax structuring and planning returns and computations and payment Employer consulting How to structure your business is one of advice, ensuring that you meet your statutory Employment costs often represent a the most fundamental decisions to be obligations efficiently and with confidence substantial investment for financial services made. By working closely with you, our that your returns are technically accurate. As businesses and complying with all HMRC s commercial approach to tax planning a firm with a significant international requirements can be a strain. We can help ensures that the tax consequences are fully presence, providing overseas tax compliance you with the following services: addressed and that every sensible effort is is a key element of our offering. A fully managed payroll service, from made to minimise tax burdens and prevent problems before they occur. processing through to reporting including VAT solutions and advice Due to the amount of case law both in the UK and the EU, the VAT rules for financial Remuneration planning to motivate and offshore funds services firms have become complex and incentivise employees including salary Our international network enables us to require careful navigation. Having advisors advise on the tax implications of cross- who understand your industry is vital border transactions, providing a truly global especially as the cost of getting it wrong and transactions for key directors and tax structuring service. In today s can be severe with penalties having senior management; international business environment, it is doubled in recent years. The Moore important to understand not only the UK Stephens VAT team has a wealth of including planning on the most tax issues which need to be addressed but experience in advising a wide range of favourable tax treatment, preparation of also the impact of local taxes. We can businesses in the financial services sector. tax returns and advising on expatriate provide solutions addressing the additional Whether you require advice on a large policies including social security tax issues which arise including the diverted complex transaction or a small one-off implications. profits tax, transfer pricing, corporate query, our financial services VAT experts residence, non domicile and offshore will be able to assist. NIC issues that might arise for employers. agreements; International planning and structuring planning and expatriate tax and 2 benefits and PAYE settlement sacrifice; Structuring tax efficient share incentives A full range of services for expatriates The employer consulting team can also help deal with all auto enrolment pension issues A large number of financial transactions are that you may have including implementing exempt from VAT which leads to a and managing your pension requirements Tax compliance UK and International restriction on the VAT which businesses can both from a payroll, compliance and design Ensuring your tax affairs are properly recover under the partial exemption method. perspective including tax efficient ways of managed and up-to-date is the cornerstone We can help you implement planning implementing schemes. Our team work of our service. We offer a complete range of strategies to maximise your recovery as well closely with our employee benefits team in tax compliance services, including the as assisting you with your VAT compliance wealth management to deliver a preparation of UK company and/or LLP tax and advice on cross-border transactions. comprehensive service. 5
Solutions for business owners and managers We provide the full range of private client We can assist with planning for carried Wealth management services to owners and senior management. interests in Private Equity funds, especially Looking after your wealth has never been Our specialist team can provide bespoke as fund managers will no longer be able to so important and effective wealth advice whether you are UK resident or shift their capital gains tax base cost when management ensures you are optimising all non-resident, UK domiciled or non-dom. carried interest entitlements are triggered. of the financial and tax options available to In addition, we advise on the disguised you. By drawing on the experience of our investment management legislation. experts, we will ensure you take advantage Personal tax and self-assessment We offer a comprehensive and efficient tax of the available opportunities. We offer return preparation service for individuals Non-UK domiciliaries and expatriates intelligent advice on investments, and LLPs and will guide you through all We specialise in acting for non-uk doms, retirement planning, inheritance tax aspects of the self-assessment process. both resident and non-resident, including planning and protection. Particularly where you are a member of an those who are longer term residents who LLP or are receiving dividends as a business have significant planning issues to consider.. owner, we will work with you to calculate We offer a complete auto enrolment pension solution for employers and have a your tax payments due as early in the year We are well placed to advise on these wealth of experience in implementing as possible, so you have certainty as to the matters, as the UK can still be a tax approved pension arrangements under the amount of tax to hold back from your LLP efficient location for non-doms with the new legislation. profits/dividends. correct advice, particularly in connection with the structures through which the fund Tax planning investment is held. We will work with you to ensure that your investment is structured tax efficiently Many fund managers working in the UK having regard to your personal residence are expatriates. We can advise on solutions and domicile position, the nature and involving, amongst other things, using location of the collective investment vehicle dual contracts and obtaining overseas and the underlying investments/assets. We workday relief. also advise investment managers on tax efficient exit strategies as well as We also frequently advise US citizens, and structuring their interests to reduce their liaise with US advisers to ensure the overall inheritance tax exposure. tax burden is minimised. 6 3
Moore Stephens in the UK Moore Stephens is the UK s 10th largest independent accounting and consulting network, comprising some 1,300 partners and staff in 30 locations. Our objective is simple: to be viewed by clients as the first point-of-contact for all their financial, advisory and compliance needs. We achieve this by providing sensible advice and tailored solutions to help clients achieve their commercial and personal goals. Contact information If you would like further information on any item within this brochure, or information on our services please contact: Clients have access to a range of core and specialist sectors including charities & notfor-profit, education, energy & mining, family offices, financial services, healthcare, hotels & leisure, insurance, pensions, professional practices, public sector, real estate, shipping, social housing, sports and technology & media. Our success stems from our industry focus, which enables us to provide an innovative and personal service to our clients in our niche markets. Specialist sectors include charities & not-for-profit, education, energy & mining, family offices, financial services, healthcare, hotels & leisure, insurance, pensions, professional practices, public sector, real estate, shipping, social housing, sports and technology & media. Moore Stephens globally Moore Stephens International Limited is a global accountancy and consulting network, headquartered in London. With fees of US$2.7 billion and offices in 103 countries, you can be confident that we have access to the resources and capabilities to meet your needs. Moore Stephens International independent member firms share common values: integrity, personal service, quality, knowledge and a global view. By combining local expertise and experience with the breadth of our UK and worldwide networks, clients can be confident that, whatever their requirement, Moore Stephens will provide the right solution to their local, national and international needs. Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB T +44 (0)20 7334 9191 www.moorestephens.co.uk We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS29372 September 2015