FAQs

Working remotely from abroad can create complex tax issues for both individuals and employers, including dual tax residency and employer reporting obligations. PEM’s international tax team can help assess your situation and guide you through the necessary steps.

Several reliefs can reduce the amount of capital gains tax you pay. Business asset disposal relief may apply if you’re selling a business or shares. For property, private residence relief may reduce or eliminate a gain if the property was your main home at some point. The reliefs available depend on your specific circumstances, so we’re here to offer reliable advice before you complete a transaction.

Our team will handle all your statutory obligations and help you improve corporate governance – from the filing of your annual confirmation statement, keeping your statutory books up to date, filing changes at Companies House and maintaining share registers. We also take away the pain of the paperwork required for dividend payments, share allotments and share transfers, including the appropriate minutes.

We are also able to provide a Company formation service and are a registered Authorised Corporate Service Provider (ACSP) so can support you with director and PSC verification, as well as Registered Office address with post forwarding.

Here is a handy checklist:

• Register the death
• Notify insurers
• Arrange the funeral
• Tell the Government about the death (Tell Us Once service)
• Return any lasting or enduring power of attorney documents to the Office of the Public Guardian
• Check if a surviving spouse/civil partner can get bereavement benefits (via the DWP)
• Value the estate and check if you need to pay inheritance tax
• Advertise the death to notify creditors (in The Gazette and in local newspapers)
• Complete final lifetime tax return
• Apply for/obtain probate
• Administer the estate, including dealing with any income tax and capital gain tax matters.

If you require support with probate and estate administration and need a reliable, expert team to support you through this difficult time, please get in touch.

A complex estate often has:

• Foreign interests and assets
• Protracted correspondence with HMRC and other institutions
• Claims to be made for tax relief
• Sale and transfer of property
• Interests held under trusts
• Share and investment portfolios
• Business interests
• Post-death planning and restructuring advice
• Untraced beneficiaries.

We work on-site with your team and engage closely with senior leaders and trustees throughout. We’re not just checking numbers; we’re looking at your controls, processes, exposure to risk (including cyber threats) and providing practical recommendations based on what we see across the whole sector.

We can also prepare your accounts, whatever the size of your non-profit.

We would regard the following as a simple estate:

• All assets are situated in the UK
• The deceased and beneficiaries are all UK residents and UK domiciled
• There’s a valid will
• The estate has a single property and no more than two bank accounts
• There is no requirement to sell the property
• There are no other assets, such as fine art or trust interests
• There are no legal claims made against the estate
• There are no disputes between the executors or beneficiaries.

We have regular experience working with a wide range of funding bodies, including:

• Innovate UK
• Horizon Europe Guarantee
• Horizon Europe (H2020)
• Horizon Europe (2021-2027)
• Department for Education funding, such as: Initial Teacher Training, DfE Lead Mentor and Intensive Training and Practice, and The Turing Scheme
• Department for Environment, Food & Rural Affairs funding, e.g., Wildlife Trade & Biodiversity Funding
• The King’s Award
• Department for Business, Energy and Industrial Strategy funding
• Department for Energy Security and Net Zero funding
• The SMART: SCOTLAND grant
• Advance Research & Innovation Agency (AIRA)

We work with a wide variety of grant providers across sectors and are fully equipped to tailor our audit services to meet the specific requirements of any funding organisation.

VAT errors can lead to penalties, interest, and HMRC scrutiny. If you have made a mistake, our experts can quickly assess the situation, help you take corrective action, and make sure you’re compliant in the future.

HMRC have introduced a new penalty system for MTD. Penalty points will be issued for missed submissions and/or failing to keep digital records.

Financial penalties will be issued as points accumulate, starting with a £200 penalty after 4 points are received.

Bankruptcy is a court-ordered process that realises an individual’s assets and sells them for the benefit of creditors. You can petition the Court yourself, or your creditor can do so. If your home has equity, it may be realised, though this does not automatically mean you will lose your home.

Certain assets are protected, including those for basic living, the tools of your trade and your pension. However, bankruptcy has many consequences, including restrictions on your finances and working life. If this happens to you, we know it can be difficult. Our Cambridge-based recovery and insolvency team will make sure you understand your rights, obligations and the consequences.

Tax inspectors have the right to dig into the details of your tax return to make sure you’re paying the right amount of tax. The process is complicated and how we respond will depend on several factors:

Type of investigation

It is not always obvious what type of investigation you are facing. Is the notice a ‘nudge’ to encourage you to comply or are they actively launching an investigation?

The extent of the investigation

Are HMRC examining a particular aspect of your tax return, or is everything under scrutiny?