Top Recommended Tax Accountants
When it comes to the tax system as a whole, Nimesh Shah is ‘a huge believer in simplification’: ‘When I started there were two books: A and B, and now it’s A to H plus indices. The myriad of rules is mind-boggling.’
Luckily for his clients, Shah is a masterful practitioner. He is an expert in the taxation of non-doms and advises clients, many of whom are entrepreneurs, on personal tax matters relating to all aspects of a company’s business life cycle. As regards non-doms, who comprise half his client base, a large part of the past year has been spent reassuring them with regard to the sudden tax changes which came in in April 2017.
The technical aspects have been extremely complicated. The challenge is simplifying reams of legislation for clients for whom simplicity is an absolute priority, ‘because the world around them has got so complicated’ – something only a true expert can do: ‘To be a specialist in that area you really need to know your stuff.’
Another big worry for clients, who are mostly self-made, first-generation HNWs, is succession. ‘Control is a massive issue for them and they often struggle with letting things go to the next generation,’ he says.
And it goes without saying that IHT law desperately needs reform. ‘It needs to be looked at with some care,’ he says. ‘Forty per cent inheritance tax is the biggest issues our clients talk about. It’s an alarming headline rate.’