Private and high-net-worth individuals

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Frequently Asked Questions

We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.

What is considered a ‘high-net-worth individual’?

While the term “high-net-worth individual” does not have a specific definition, HMRC considers anybody whose net assets exceed £250,000 or yearly income exceeds £100,000 as a HNWI.

Why do high net worth individuals need an accountant?

An experienced and expert accountant will advise you on how to best protect your wealth and provide guidance on how to minimise your tax liabilities.
The main advantages that most clients claim for seeking tax assistance from accounting firms include being kept informed of the most recent changes in the law and receiving guidance on how to be tax efficient. Professional accounting expertise can help you stay in compliance while also saving you money and time in the long run.
You can focus on what you do best when you know that your tax concerns are in capable hands. Our team at Nichols & Co work to provide the best results possible for our clients.

What is a ‘Sophisticated Investor’?

High-net-worth investors who are deemed to have a depth of expertise and market knowledge that qualifies them for certain advantages and opportunities are known as ‘Sophisticated Investors’.
To self-certify as a sophisticated investor, you must:
– have been a member of a business angels network for at least six months; or
– have made at least one investment in an unlisted security in the previous two years; or
– have worked in a professional capacity in the provision of finance to small- or medium-sized businesses in the last two years or in the provision of private equity; or
– be or have been within the last two years a director of a company with a turnover of at least £1m.

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