Best practice for getting an accurate tax report quote
Tax On Divorce » August 8, 2024
We appreciate that there is nothing more frustrating than having to go back to the client due to fee increases and we therefore try to ensure that all of our quotes are final when we send them. However, there are occasions when the Letter of Instruction differs quote substantially from the initial enquiry – this can lead to potential fee increases.
To get the most accurate quote possible we need to know the following;
- Residence position of both parties
- If either party is a US citizen or has a US Green Card
- Where the assets are located
There are different tax rules for UK residents and non residents and then a whole set of rules which apply to US citizens. Additionally if assets are held overseas, either overseas advice will be needed or an analysis of the double taxation treaty with that country and the UK.
Asking for a quote for all the possible tax implications on a big money case is likely to lead to a very costly report. It may therefore be helpful to narrow down the scope of the initial advice on the most likely outcomes.
Here’s a brief template for a requesting a quote:
Template wording
Dear Juno
We are representing Husband/Wife in proceedings and have been instructed to obtain quotes for an [shadow expert/expert/single joint expert] report on [capital gains tax/income tax/stamp duty land tax/tax implications] on [properties/business/shares].
We are looking for a tax expert to prepare a report for the purpose of these court proceedings advising as to the tax liabilities, if any, and the date(s) for payment that would arise in the UK in each of the following scenarios:
Set out scenarios. For example:
– We require advice on X number properties held personally and/or X number of properties held through a company
– We require advice on the most tax efficient method to extract cash from company/ies
Background
- H is [UK resident / non UK resident ]
- W is [UK resident / non UK resident ]
- Neither party is a US citizen or green card holder
- The assets are located in [country]
We would be grateful if you would kindly confirm whether you are able to assist with the above and, if so, please:
- Provide us with a copy of your CV;
- Confirm your fees; and
- Confirm your current timescales.
We look forward to hearing from you.
As a reminder we also offer blind assessment calls for family solicitors which can be booked by emailing family@junotax.co.uk. These are up to 20 minutes to discuss the case on a no names basis and provide any guidance on how to proceed with either an SJE report or shadow expert report if needed.
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Need expert tax support?
Find a full list of how Juno can support on our Services page. Alternatively, get in touch with our team at: family@junotax.co.uk
