Expert tax advice during separation and divorce
“The way Sofia provides advice on the most complex of tax scenarios is a breath of fresh air. It was detailed and comprehensive but she was willing to act collaboratively with the parties to provide options and scenarios that suited them and completely understands matters from a separation perspective and the dynamics that go with that. She was very responsive and easy to work with.”
Kate Hamilton, Partner
Single Joint Expert Reports
As experts in this field, we have been instructed to prepare numerous Single Joint Expert (SJE) reports. We understand our duties to the Court and that our independence is fundamental. We understand how to to deliver a clear actionable report which is Family Procedure Rules (FPR) 25 compliant.
Some of our recent SJE instructions include:-
- Capital gains tax implications on property portfolio of 100+ properties, value over £40,000,000.
- Tax implications of transfer or sale of shareholding on company shareholding valued at £38,000,000
If you require a quotation for a SJE report, please email us at firstname.lastname@example.org.
“Sofia is extremely helpful. She is friendly, clear, always prepared and extremely knowledgeable. She is a true professional and I would definitely recommend her services”
Mark Hands, Partner
Party Expert Reports
In cases where one party requires a tax report, we are able to prepare these on a range of tax issues, including quantifying a HMRC liability, or tax implications of withdrawing cash from a company.
Some of our recent party expert reports include:-
- Impact of the lifetime allowance charge on a Pension Sharing Order
- Impact of a company purchase of own shares on the ‘seller’
It can be difficult to draft appropriate questions of a tax adviser without a background in tax. We can work with family solicitors or their clients to either draft questions for an SJE report or to assist in reviewing and analysing the report. There may also be times when a couple’s shared Accountant has been used to prepare a report and it requires a second opinion to ensure impartiality.
Our recent shadow expert instructions include:-
- Reviewing initial SJE report to provide a client with a second opinion on the treatment of a property portfolio in relation to trading or investment income.
- Preparing questions for an SJE report on undisclosed assets.
“Sofia’s attention to detail and ability to present information in an accessible way is second to none. She is approachable and professional. The clients I have recommended to her have said that she is nothing short of exceptional. Always top of my referral list when someone is in need of tax advice.”
Kara Swift, Senior Associate
Family Law in Partnership
We are able to act as a Financial Neutral in mediation or collaborative family law cases. Sofia has attended several round table meetings where tax input was vital for the case. Sofia is also a Member of a Resolution Collaborative Family Law Pod and understands the different nuances of collaborative family law.
Review of Form E’s
We are able to review parties’ Forms E following exchange to identify if the case presents as a low, medium or high tax risk and highlight the key risk areas. We will analyse the different assets in the proceedings and identify areas where advice should be sought, highlight if there are any possible tax reliefs or tax saving strategies that may be available, key questions to be asked and an approximate price of a report. We will also set out what further information should be gathered ahead of any report.
This enables any tax issues to be identified at an early stage before First Appointment so that a Part 25 application can be made in sufficient time to avoid any delays.
“Working with Sofia Thomas is a delight. We were given clear, concise, insightful advice from the outset. Sofia’s response rate is excellent and nothing feels like too much trouble. I would definitely recommend Sofia to anyone with a matrimonial tax issue.”
Kathryn Ainsworth, Partner
Working directly with clients
In some cases, financial matters cannot move forward until the parties understand their tax position. This is particularly common if one party has an ongoing HRMC investigation, or has undisclosed income in the UK or overseas, and is under threat of an HMRC investigation.
Our recent direct instructions include:-
- Preparing disclosures to HMRC of US income of $4,000,000
- Appealing and reducing penalties for incorrect tax assessments
If you are a family law professional, and would like to schedule a blind assessment call with us, please do get in touch. These calls will last up to 30 minutes and if advice is required, we will prepare a draft letter of instruction and quote for services for you to share with your client. Please contact us at email@example.com to arrange this.