Led by a PwC-Trained Chartered Accountant
Varun Gupta brings over 17 years of experience across private equity, complex financial structures, and specialist tax advisory. When you engage Consultax, you receive senior-level expertise from day one.
Specialist Accountants for Portfolio Managers & Investment Professionals
The tax environment for portfolio managers has never been more complex. Your accountant should be equal to it. The taxation of investment professionals in the UK has undergone a fundamental restructuring. Carried interest is now taxed as trading profit, CGT rates have risen sharply, Making Tax Digital is arriving for self-employed professionals, and HMRC's scrutiny of investment income has intensified. For portfolio managers, fund managers, and investment professionals, the difference between specialist advice and generic accountancy has never been more financially significant.
Consultax are dedicated accountants for portfolio managers and investment professionals who understand the full complexity of investment management remuneration — from carried interest and management fees to co-investment returns, performance allocations, and personal investment income. We protect your financial position and keep you compliant, proactively.
Accountants Committed To Your Success
Reliable, proactive, and results-driven, we apply the same level of dedication to your success that you bring to your business every day.
Insightful Advice That Moves You Forward
We go beyond the numbers to offer guidance that’s tailored, and built for growth.
Personalised Service That Feels Like Partnership
Your goals matter, so we deliver attentive, custom support designed to guide you towards lasting success.
Financial Clarity You Can Fully Trust
We prioritise clear communication, accounting support you can understand and rely on.
Dedicated Tax and Accounting Support for Every Type of Investment Professional
Consultax works with investment professionals across the full spectrum of asset management and portfolio management disciplines. Whether your remuneration is structured through salary, management fees, carried interest, performance allocations, co-investment returns, or a combination of all of these — your tax position requires specialist handling from an adviser who understands how the investment management industry works.
As dedicated accountants for investment professionals, we work with:
Portfolio Managers
Professionals managing discretionary or advisory portfolios across equities, fixed income, multi-asset, or alternatives — whether employed, self-employed, or earning income through a personal limited company or LLP structure.
Private Equity & Venture Capital Fund Managers
Fund managers with carried interest, co-investment holdings, and management fee income. The post-April 2026 transition from CGT to income tax treatment of carried interest requires specialist, urgent advice.
Hedge Fund Managers & Traders
Professionals managing hedge fund strategies, earning performance fees, and managing personal investment income alongside management remuneration. We advise on trading gains, performance allocations, and the boundary between investment and trading activity.
Wealth Managers & Independent Financial Professionals
Chartered wealth managers, IFAs with investment income, and discretionary fund managers who manage both personal client portfolios and their own investment activity.
Asset Management Executives
Senior professionals receiving salary, bonus, LTIPs, carried interest, and co-investment returns — often with complex interactions between different income types in a single tax year.
Investment Analysts & Quant Professionals
Professionals at the analytical end of investment management who receive salary, performance bonuses, and carry-linked awards requiring correct tax treatment on each element.
Independent Portfolio Managers & Advisers
Those operating independently as portfolio managers or investment advisers — managing their own business finances, VAT, self-assessment, and income tax planning outside the PAYE environment of a large institution.
Investment Professionals Based in the UAE
UK-registered or UAE-based investment professionals with UK income sources, UK fund involvement, or UK residency considerations. We advise on UAE residency and UK tax obligations, including the Statutory Residence Test for internationally mobile fund managers.
The Most Significant Tax Changes for Investment Professionals
The tax environment facing UK portfolio managers and fund managers has been transformed by a sequence of legislative changes between 2024 and 2026. Understanding these changes — and acting on them with specialist advice — is no longer optional for those with material investment management income.
Carried Interest Reform (April 2026)
From 6 April 2026, carried interest is taxed as trading profits at rates of up to 45% plus Class 4 NICs, with a 72.5% multiplier for qualifying carry — an effective rate of 34.075% for additional rate taxpayers. Payments on account, MTD, and holding period conditions all apply. In the 2025-26 transitional year, carry is taxed at 32% CGT.
Capital Gains Tax Rate Increases
From 30 October 2024, CGT rose to 18% (lower) and 24% (higher). The annual exemption is now £3,000, reduced from £12,300. For portfolio managers with personal portfolios and co-investment positions, these changes demand an actively tax-aware approach to disposals.
The Personal Allowance Trap
For investment professionals earning above £100,000, the personal allowance tapers — disappearing entirely at £125,140 — creating an effective marginal tax rate of 60%. This is one of the highest-value and most accessible areas of legitimate tax planning for high-income professionals.
Making Tax Digital (April 2026)
Self-employed portfolio managers with gross income above £50,000 must comply with MTD from April 2026. Carried interest reclassified as trading profit also brings carry holders within the MTD framework. Thresholds drop to £30,000 in 2027 and £20,000 in 2028.
Non-Dom Reform & International Mobility
From April 2025, the remittance basis was abolished and replaced with the four-year FIG regime. The Temporary Repatriation Facility allows previously sheltered income to be remitted at 12% in 2025-26 and 2026-27. For internationally mobile fund managers, the window is closing.
Accounting & Tax Services Built Around the Investment Management Profession
Every service we provide is designed around how investment professionals actually earn, how their remuneration is structured, and what HMRC expects from those operating in the asset management sector.
Carried Interest Tax Planning & Compliance
We provide specialist advice on qualifying carried interest conditions, the 72.5% multiplier, holding period analysis, payments on account management, MTD compliance for carry as trading profit, and timing considerations for carry crystallising in the 2025-26 transitional year at 32% CGT.
Best for: Private equity fund managers, venture capital professionals, hedge fund managers, and any investment professional with carried interest or performance allocation income under the new regime.
Self-Assessment Tax Returns for Investment Professionals
As specialist accountants for investment professionals, we prepare your self-assessment return from a thorough review of management fees, salary, bonus, carried interest, co-investment returns, portfolio gains, dividends, overseas income, and pension contributions — ensuring your filing is accurate, defensible, and on time.
Best for: Portfolio managers, fund managers, asset management executives, and any investment professional with income from multiple sources requiring precise personal tax compliance.
Personal Tax Planning for Portfolio Managers
We review your income structure, investment position, pension arrangements, and personal goals to identify legitimate savings — including the £100,000 personal allowance threshold, pension strategies, timing of disposals, spousal transfers, and co-ordination with your firm's remuneration cycle. See our tax planning services.
Best for: Portfolio managers and investment professionals earning above £100,000 who want a proactive, year-round approach to personal tax strategy.
Capital Gains Tax Planning & Reporting
With CGT at 18% and 24%, and the annual exemption at £3,000, strategic planning — disposal timing, annual exemptions, spousal transfers, loss harvesting, and Business Asset Disposal Relief — can make a material difference. We advise on personal portfolios, co-investment exits, share schemes, and interaction with the new carried interest regime.
Best for: Investment professionals with personal portfolios, co-investment positions, share scheme awards, and any investment-related asset disposal requiring professional CGT analysis.
Limited Company & LLP Structuring
We advise on the right structure for your income level and working pattern, manage company or LLP accounts and tax returns, handle payroll and dividend planning, and review your structure annually — including how carried interest and performance fees at entity level interact with personal income tax after April 2026.
Best for: Self-employed portfolio managers, independent investment advisers, and investment professionals who operate or are considering a personal service company or LLP.
Payments on Account Management for Fund Managers
Under the new carried interest regime, tax and NICs on carry feed into payments on account — creating significant cash flow implications. We model your position, calculate correct advance payments, advise on legitimate reduction applications, and ensure you are not caught short in January and July.
Best for: Private equity and venture capital fund managers with new carried interest income under the post-April 2026 regime, and any investment professional whose income profile has changed materially.
Non-Dom & International Tax Advice
We advise on FIG regime eligibility, the Temporary Repatriation Facility, offshore fund income reporting, the Statutory Residence Test, and the apportionment of carried interest between UK and non-UK workdays for non-resident carry recipients — ensuring workday tracking is accurate and defensible.
Best for: Non-UK domiciled fund managers, internationally mobile investment professionals, UAE-based fund managers with UK fund involvement, and those previously on the remittance basis navigating the TRF window.
Making Tax Digital Compliance
We assess your MTD obligations, set up compliant digital record-keeping, configure HMRC-approved software, manage quarterly digital submissions, and file your year-end declaration — ensuring you are fully compliant before the first deadline.
Best for: Portfolio managers and fund managers with self-employment income or carried interest reclassified as trading profit who need to comply with MTD from April 2026.
Year-Round Virtual CFO & Financial Oversight
We act as your personal financial controller — reviewing quarterly income, modelling tax projections, managing cash flow for payments on account, advising on significant financial decisions, and ensuring your overall financial position is managed as actively as the portfolios you manage. See our Virtual CFO service.
Best for: Senior fund managers with complex multi-source income, independent portfolio managers running their own practice, and investment professionals who want year-round financial oversight.
Why Consultax
Why Portfolio Managers & Investment Professionals Choose Consultax
Dedicated tax and accounting for investment professionals — not a general practice that occasionally files a fund manager's return
Consultax provides dedicated tax and accounting services for investment professionals backed by genuine financial markets expertise, ICAEW accreditation, and 17 years of Chartered Accountancy experience led by a PwC-trained practitioner who understands the investment management industry from both sides of the advisory relationship.
Investment Management Tax Expertise
We understand carried interest, co-investment, performance fees, and how HMRC approaches investment professionals. You will not need to explain your remuneration structure to us.
ICAEW Accredited
Fully accredited Chartered Accountants regulated by the ICAEW. Every recommendation is backed by genuine professional qualification and accountability.
Proactive, Year-Round Advice
We monitor legislative changes, model payments on account, and flag planning opportunities throughout the year — not only at self-assessment time.
UK & UAE Coverage
We serve investment professionals based in the UK and UAE — including internationally mobile fund managers navigating the Statutory Residence Test and UK fund involvement.
5-Star Rated on Feefo
Our clients rate us 5 stars on Feefo. We work hard to earn that record with every engagement.
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Quick & affordable, avoid errors and penalties, keep your finances organised with our expert accounting services & bespoke packages.
Frequently Asked Questions
Qualifying carried interest must meet conditions including a weighted average holding period of the fund's investments of at least 40 months, with partial relief available for holding periods of at least 36 months. Whether your carried interest qualifies depends on your fund's investment profile, the holding periods of the underlying assets, and the specific terms of your carry arrangement. We analyse your fund structure, model the holding period calculation, and advise you on whether your carried interest meets the qualifying conditions and what the tax consequence is if it does not.
The tax position of a portfolio manager or fund manager involves income types, structures, and legislative rules that most general accountants will not have encountered. Carried interest under the new regime, co-investment CGT, DIMF rules, performance fee treatment, personal allowance management for high earners, and international remuneration apportionment all require specialist knowledge. The cost of incorrect advice — overpaid tax, missed reliefs, HMRC enquiries, and penalties — consistently exceeds the cost of the specialist accountant by a significant margin.
As carried interest is now treated as trading income, income tax and Class 4 NIC liabilities arising on carry will now feed directly into payments on account calculations. This means you are required to pay two instalments of approximately 50% of your prior year's total income and NIC liability — in January and July. For fund managers who received substantial carried interest in their first year under the new regime, the payment on account due the following January can be very large and entirely unexpected without advance planning. We model your payment on account position well in advance and advise on any legitimate reduction applications.
This depends on your residency position, the nature of your UK fund involvement, and the services you perform in the UK. Non-UK resident fund managers are taxed on the proportion of carried interest related to UK services. Establishing and documenting an accurate UK workday count is therefore essential for internationally mobile fund managers. We advise on the Statutory Residence Test, UK source income obligations, and the correct apportionment of carried interest and management fee income between UK and non-UK activities.
Yes. We assist investment professionals with prior-year corrections, voluntary disclosures, and HMRC enquiry responses. The complexity of fund manager taxation means that prior-year filings often contain errors — particularly around carried interest classification, co-investment treatment, and overseas income. We review your historical position, correct what needs correcting, and manage any HMRC correspondence professionally.
Ready to Work With an Accountant Who Understands Investment Management Tax?
The tax changes affecting portfolio managers and fund managers in 2025 and 2026 are the most consequential in recent memory. The new carried interest trading profit regime, payments on account implications, higher CGT rates, the near-elimination of the annual CGT exemption, Making Tax Digital, and the post-non-dom landscape all demand specialist knowledge — not a generalist who will work it out as they go.
Consultax provides dedicated tax and accounting services for portfolio managers, fund managers, and investment professionals — backed by ICAEW accreditation, a PwC-trained lead, and 17 years of genuine financial expertise. From carried interest compliance and personal tax planning to CGT advice, limited company structuring, international tax support, and year-round financial oversight — we manage every element of your financial position with the precision and discretion your profession demands.
Your goals. Our focus. Accounting with purpose.
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