Inside Finance will continue to bring you expert discussion on legislation changes in business and finance.
Smith & Williamson has a private client tax services sector. In this TV show, Associate Director, Chris Springett discusses this work.
Private client focus means that we see a lot of cases in this area. Main residence relief is always dependent on the specific facts, specific circumstances and the availability of the claim is then, flows through from that. Because we’ve got such a large private client practice, we see a lot of different circumstances, looking at one at the minute involving a garage and how that might impact when the garage has been let out. Again, just different fact patterns and the experience that that gives us, puts us in a very strong position to review and to consider how the relief might
Tax law is being updated and built upon all the time. In this TV show Smith & Williamson's Chris Springett discusses his role helping people with residential tax.
it’s part and parcel of the job. We have a good technical team here.
We have access to excellent material and that helps us access things such as the case law, a lot of recent case law in this area, from the tribunals looking at the facts of specific cases.
And that just widens the picture and adds a bit of colour as to what do you actually need to start evidencing is this your residence and if so is it your main residence for the relief.
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Record keeping should be done thoroughly from the start. In this TV show Smith & Willamson's Chris Springett discusses property ownership and case law.
Recent case law in the area it really does highlight just the importance of record keeping.
I mean for us in the profession it’s something that obviously we discuss with clients quite carefully to make sure that all the documents are there.
But recent case law where people haven’t been able to prove that they’re using the property as a residence, that alone, it’s their main residence and so entitled to the relief.
Yeah, the case law has been very much based on the fact that these individuals couldn’t produce the evidence.
So even things such as making sure that you’re retaining gas bills and electricity bills to more useful or even more interesting uses of maximising the relief such as making sure your post from the tax authority goes to that address.
So then they can’t claim that you weren’t living there if that’s where they’re writing to you at.
And it’s these sort of matters that, you know, if we can get talking to clients early when they perhaps get their second property or where they’re perhaps looking to expand their property ownership, that we can start from day one, rather than trying to prove something after the fact.
Record keeping is just one of the varied subjects broached during Inside Finance TV's interviews.