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Senior partner at Sopher + Co, Daniel Sopher advises UK-based clients on corporate and personal tax, with a particular emphasis on non-doms, often of a marked entrepreneurial nature.
He spent the first quarter of 2017 preparing for the legislative changes for non-doms. ‘We
spent a lot of time implementing planning, so my heart sank when HMRC withdrew the legislation from the budget,’ Sopher says. Clients are now more aware of their tax obligations and are keen to comply: ‘It’s making sure that clients pay the correct amount of tax, and actually that is what they want to do,’ he says. ‘They are not aggressively looking for ways to minimise their tax because of the change in culture from the Revenue, and from society in general.’
But uncertainty is still in the air. Sopher’s European clients are making contingency plans to move within the EU to countries with favourable regulatory frameworks, with Portugal and Spain being popular destinations. ‘They might do that because of work,’ he explains. ‘If they are working in banks, the economic climate and taxation climate might mean it’s better to go back within the EU.’
He is also unconvinced by the government’s plans to make tax digital. ‘For clients this will mean more administration,’ he says.