Inheritance Tax Planning - You MUST Be Experienced in IHT Planning
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- Proposals: 1
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- #1393979
- Expired
Description
Industry: Business
Kind of support: Tax, Other
Description of support work: Hi,
Before I progress: You MUST have IHT Planning experience. The queries I have are of a specific nature and relate to BPR, personal property, company restructure and trusts.
I am the accountant for this company and regularly freelance on this site as an accountant. However, this job is in relation to a client of mine who is very much "offline".
I am looking for someone to act as an advisor to me and my client. I am happy for the relationship to be either; directly with my client with me acting in a liaison capacity OR completely through me. Advice will be provided on an ad-hoc basis although, in time, I would like to formulate budgetary constraints to ensure fees don't spiral.
As a bit of background...
- My client is 78 and has never previously carried out any IHT planning despite being with the same accountant for many years (prior to my appointment of course)
- My client has a wife (75-ish), a son (45-ish) and 3 grandchildren (16 and below)
- My client has 100% ownership in one company (negative net worth of around £200K) and 99% ownership in another (net worth of around £800K). His wife has the other 1% of the latter company
- The wholly owned company has a wholly-owned subsidiary (net worth of around £250K)
- My client has personal "land and buildings" property of £250K (personal residence), £750K (mixed-used commercial), £200K (pending sale for development) and £150K (agricultural land - currently unfarmed)
- My client has around £2M in personal savings, much of which is tied up in directors loans
You will be provided with the following information in relation to this assignment:
- A detailed assessment of my client's assets including a detailed assessment of each business.
- The "business" information will also detail any trading practices and any inter-company relationships between the related companies.
- A schedule of queries which I feel need to be looked at (although, you will be expected to highlight your own concerns and provide advice accordingly).
You will be required to:
- Review information provided by me
- Provide confirmation of correct aspects of my analyses
- Provide advice on areas where I am incorrect
- Review and advise on my schedule of queries which will deal with matters relating to BPR, Agricultural Relief and business re-structuring.
- Provide a report on areas that need attention and what needs to be done to achieve the best overall IHT position
- It is essential you read my description in full to ensure you fully understand the brief. To show you have done this, please copy the challenge words "IHT THI HIT HTI" and past them at the top of your proposal document.
My client has a solicitor who will be dealing with the legal side of things. However, the solicitor has asked that I provide confirmation on certain matters surrounding BPR etc.
In addition to the above, you should consider my role in this when considering the cost. I am an experienced QBE accountant of 20 years and hence know my way around a balance sheet, CT return and general tax matters. As a result, I'm more than happy to do all of the donkey work and prepare documents as required. However, my knowledge of IHT is limited so... I am looking for you to draw on my strengths and add the final flourishes.
Finally, and where fees are concerned, I am looking for an hourly rate (only) at this stage. I am more interested in read what you have to say about this and how you feel you can help. Once I have managed to shortlist, I will supply additional information for you to use as the basis for a fee budget.
I think that covers everything. Any queries, please let me know!
Kind regards
Dave
Extra notes: Please ensure you copy and paste the challenge words!
An NDA will be required before sensitive information is released!
David Y.
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Did you want to have a catch up about this in the coming week David?
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That first line should say 'you should go offline'..
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You fail to note David who the dependant's are and their circumstances or preferences? It may also be significant to explore what voting or Directors rights are attached to the companies in question.
David Y.21 Dec 2016Hi Francis,
Thank you for your comments.
Indeed, I haven't stated the details of the dependant's etc. as that sort of information will be shared once I have reviewed the first round of proposals.
My interest at the moment is in whether candidates are sufficiently experienced and capable of carrying out IHT planning for my client's estate, what type of experience you have (including approximate values of estates) and what your hourly rate is.
I will not be making decisions purely based on first proposals. I will be asking further questions and will provide further details throughout the recruitment process. However, I will be rejecting proposals submitted by persons who are incapable of the work OR whose hourly rates do not justify the task in hand.
Incidentally, when I talk about hourly rates, that means a reasonable rate for the skill level of the applicant and will reject rates I feel are too high OR too low! By example, I do not believe someone who charges £10 per hour for such a task is sufficiently experienced to handle my client's affairs. Similarly, a rate of £1,000 per hour would suggest that the expertise-level of the candidate is far higher than is required for the size of this estate.
Hope this helps?
Hope to hear from you!Francis E.21 Dec 2016The difficulty is David that you should go online and find the experience level you require. You quite rightly point out though that any fee basis may not be to your liking in such instance.
Also you may not be ready to allocate this in it's entirity as you may have forgotton to make relevant enquiries. It's not possible to act unless you are ready to do so. It would be fair too to ask about fee structures and your participation in this. I can't see you getting sign off for the work going to a high street practice for less than £500ph for partner involvement. Again unless you have a budget in mind and know what people's underlying wishes are you can't get moving with this.