New Tax Partner appointed at Vantis in Leicester “Taxes: the only way is up”

Author: Keith Richards
Date: 01 May 2009

Keith Richards as Tax Partner in Leicester. Keith will play a key role in the tax function, further enhancing the offering that Vantis brings to the entrepreneurs and business leaders in Leicestershire and the East Midlands. This appointment further broadens the capabilities of the local Vantis team, which is ideally placed to meet the ever evolving needs of this dynamic business community.

With 25 years’ experience as a tax professional gained at KPMG, Ernst & Young, Baker Tilly and Grant Thornton, Keith brings to Vantis a wealth of experience with all types of businesses. In particular, he has specialised in a number of tax issues that affect the entrepreneur on a regular basis, from succession planning to company sales and company reconstructions.

Commenting on his appointment, Patric Phelan, Location Director for Vantis in Leicester, said: “We are delighted to have Keith on board. His specialist tax skills and experience in the SME sector make him very well placed to assist the entrepreneurial owner-managed businesses that we work with in the Leicestershire region.”

Keith added, “I am delighted to be adding my experience in tax to that of Vantis’ Leicester team, which prides itself on the quality of advice and the high service standards it provides.”

Keith further commented: “The effects of the recession have changed the economic environment irrevocably and the tax system will also adapt to the new realities. Whilst tax has always been a significant issue for most people in business, the future looks to be bringing with it a new age of austerity.

“Whilst there may be some debate as to whether taxes should rise – and by how much – it seems clear that, no matter what the results of the next general election, we are not going to see tax cuts for the foreseeable future.

“The last Budget established the principle of a 50% income tax rate and the need for higher taxes. Whether, in the short term, the anticipated tax increases will come in the form of a higher rate of tax, or through a lowering in the threshold to catch more taxpayers, only time will tell.

“The dramatic changes to the pension scheme rules to restrict tax relief going forward reflect a stark change in circumstances. It does not seem that long ago that there was considerable anguish over the changes to the capital gains tax legislation which brought in the 18% tax rate. This now looks like a very good deal in an era when income tax hits marginal rates of 60% - and this, before any National Insurance burden.

“The bad news is that 2010 looks to be a tough year, with all the indications being towards significant tax rises across the board, and further complex legislation to ensure that HM Revenue & Customs gets its pound of flesh.

“The good news for the tax profession is that good quality advice has never been more valuable. And, the good news for the hard pressed business person is that there are still generally nine months to take advice before the storm hits!

“The value of good, innovative and commercially centred tax advice cannot be underestimated by businesses wishing to succeed in the current environment, particularly given what the future holds. I am looking forward to helping East Midlands clients find the best route forward in these challenging economic conditions.”

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New Tax Partner appointed at Vantis in Leicester “Taxes: the only way is up”