High Net Worth Individuals
Trying to manage your accounts as a high net worth individual can be overwhelming. Get support from one of our specialist accountants.
Get StartedWhy do high net worth individuals need accounting services?
Accounting for high-net-worth individuals requires specialist, attentive, personalised, and committed service due to the amount of money involved and the care that needs to be taken to manage it. As your accountants we can help you protect your assets in a range of ways and suggest tax saving possibilities to maximise both your income and worth.
The key advantages that many clients report from receiving professional tax advice from an accountancy firm include being kept up to date with any legislation changes and guidance on how to be more tax efficient. Not only can an experienced accounting specialist for high-net-worth individuals help you stay compliant but they can also save you valuable time and money in the long term. Having complete peace of mind that your accounting is in good hands will allow you to focus on what you do best.
How can our accounting services help you?
Jan McDermott Chartered Accountants have extensive industry experience and understand the complexities involved in accounting and tax when dealing with large amounts of money and a high net worth. If you have assets that are worth more than £1 million or have a six-figure annual income, you will benefit from the advice and services of a tax accountant. Read on to see the various accounting services for high-net-worth individuals below.
Capital gains tax
As a high net worth individual, you are likely to pay Capital Gains Tax (CGT) during your lifetime. This applies to gains you make on selling assets. There is an annual tax-free allowance which currently covers the first £6000 of your capital gains. Any excess is taxed at a rate of between 10%-28%, depending on your total income in the tax year, and the type of asset being disposed.
Income tax
The amount of income tax you will pay as a high-net-worth individual depends on how much of your income falls within each tax band yearly. If your taxable income is in excess of £100,000 of your personal allowance is reduced by £1 for every £2 over this limit.
How We Can Help
Unlimited professional advice
Your dedicated high net worth accountant from our team will be on hand to answer questions and offer advice and support to manage and enhance your wealth.
The personal touch
When you’re one of our clients we will get to know you and your situation in detail to understand your challenges and help overcome them with a warm and friendly approach. We make it our priority to protect your interests both in the present and the future.
Real-time data anytime you need it
Our financial capabilities mean you can have access to real-time data and key figures so you can confidently take your finances to the next level.
Alan Robson
They provide us with a fully outsourced finance function so that our own team can focus on our business. They implemented Xero software from day one of the company meaning that we have real-time visibility of our business at all times, The monthly management accounts meetings we have with Jan really add value to decision-making and strategic planning and we wouldn’t be without them.
Peter Broxton
Their professionalism, expertise and client care are outstanding and they have supported our growing business no end. They look after everything from our bookkeeping, VAT, annual accounts, as well as claiming Research & Development tax relief, preparing budgets and forecasts and assisting with grant claims. The whole team are always responsive, friendly and reliable and we wouldn’t hesitate to recommend them to anyone looking for a trustworthy and efficient firm to look after their business finance requirements.
Scott Hackett
I moved my accounts over to Jan at the beginning of the year and have been extremely impressed with her attention to detail and precision. She’s made it easy for me to understand and manage all the key aspects of my accountancy, as well as offering useful suggestions of ways to improve and make things work more efficiently for me and my business. I’d highly recommend Jan and her team to anyone looking for professional, friendly, and reliable accountants that truly get to know you and offer a tailored service.”
Alistair Evans
Jan McDermott & Co have been our accountants for over 15 years and have not only ensured our accounting records are accurate and legal, but also provided us with first class advice to help us grow. They recommended our move to Xero accounting software which has revolutionised our business, allowing us to create predictable income through the use of Go Cardless Direct Debits, and streamlining our day to day accounting operations. Jan and her team are friendly, easy to work with and take time to understand a particular problem or situation. I wouldn’t hesitate to recommend them to any business that wants an accountancy firm they can grow with and depend on.