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Tax Planning And Mitigation
We deal with all aspects of UK personal and corporate tax compliance including the following:
- Capital Gains Tax
- Corporate disposals and reorganisations
- Double taxation relief
- Employee incentive / share incentive schemes
- Income Tax
- Inheritance Tax
- International tax planning
- PAYE and National Insurance Contributions
- Stamp Duty
- Trusts and estates
- Value Added Tax
- Wills
Our philosophy is to always minimise your short and long term tax liabilities whilst at the same time realising that tax must not be the 'tail that wags the commercial dog'.
Corporate Taxation
Corporation tax represents a substantial part of your trading cost.
The increased reporting obligations, robust investigation policies on
the part of the tax authorities, and harsher penalties for non-compliance
mean that an undue amount of your time and resources can be taken up collecting
revenue for the Government.
We offer a range of services to help you minimise your corporate tax exposure
and relieve you of the administrative burden of complying with tax legislation.
These services include:
- Determining the most tax effective structure for your business
- Taking full advantage of tax opportunities and reliefs
- Achieving the optimum capital or revenue tax treatment
- Reducing tax on disposals and maximising relief on acquisitions
- Making the most of tax opportunities specific to your industry
- Meeting the rigorous demands of compliance including corporation tax self assessment
- Acting on your behalf in negotiations with the tax authorities
- Dealing with Inland Revenue investigations
Efficient corporate tax planning can result in significant improvements to your bottom line.
VAT
Value added tax is one of the most complex and onerous tax regimes imposed
on business - so complex that many businesses inadvertently overpay or
underpay VAT.
The ever widening scope of VAT, the constant stream of detailed changes
to the regulations, and the ever growing demands of HM Customs and Excise
call for a trained professional eye to ensure that you do not fall foul
of the regulations and do not pay the Exchequer more than you need to!
We provide an efficient cost effective VAT service which includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completion of VAT returns
- VAT healthcheck
Self Assessment
The term 'self assessment' is proving to be one of the great misnomers
of all time. Many tax payers struggle to understand the complex tax returns
and complete them correctly. In the first year of the regime alone, 775,000
taxpayers received £100 penalties for failing to submit their returns
on time and some 400,000 incurred further penalties because their returns
were still outstanding six months later. The constant stream of changes
to tax legislation means not only that the returns are becoming even more
difficult to understand but also that taxpayers risk incurring more penalties
through failing to complete their returns on time correctly.
We can save you a lot of time, worry and money by handling your self assessment
for you. We will do all the necessary computations, complete your return
and offer advice on how you can minimise your tax liability. We can act
as your agent, dealing directly with the Inland Revenue on your behalf
and, should you be selected for a self assessment enquiry, act for you
at any meetings.
International Taxation
In an increasing global marketplace businesses and individuals must carefully plan their overseas transactions. We can assist in this process by providing guidance in the following areas:
- Minimisation of overseas taxes
- Transfer pricing
- Structuring overseas deals
For further information on our extensive range of services please contact us
Business
Businesses which build up trade in overseas markets have a whole new set of tax laws to deal with. Initially products or services may be delivered from a base in the UK, but, as momentum builds, it may be necessary to consider the creation of a permanent base in other countries. We can help with decisions such as whether a branch of the UK company, an overseas subsidiary of the UK company or a separate stand-alone overseas company is the best alternative.
Individuals
Individuals, particularly those who are resident in the UK, but not domiciled in the UK, may benefit enormously from holding assets in an offshore trust. Other individuals who are domiciled in the UK, but are living overseas for a period of time, will also have tax planning opportunities available to them. We can provide the appropriate advice.
Trusts and Executorships
Trusts are a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust for your purpose, set up trusts, and provide a full range of accounting, administration, and investment services for trusts.
Irrespective of tax planning, trusts are very important where one or more of your beneficiaries is unsuitable to look after substantial sums of money, e.g. because of mental handicap, immaturity or inexperience. Trusts enable you to transfer money out of your estate without your losing control.
We can also advise you on the preparation of your will and either liaise with your own solicitors or recommend solicitors.
Where appropriate, we can act as trustees or executors and if you wish, administer your estate in accordance with your wishes.
Retirement Stratergies
Everyone hopes to maintain the standard of living in retirement that they presently enjoy whilst working, but to achieve this requires considerable forward planning. Here are some important questions you need to ask yourself:
Exit strategies
If you are in business, the first thing you need to consider is your exit
strategy. Will you withdraw from the business, leaving it for the next
generation or do you hope to sell the business? If you intend to hand
the business over, do you have a workable succession plan? If you intend
to sell, how will you value the business, find a suitable buyer etc? Are
you aware of all the tax implications of the timing of disposals? Are
you preparing the business to maximise sale proceeds?
Pension provision
Have you made adequate pension provision, and do you have the right type
of pension? Are you aware of all the pension possibilities open to business
owners and directors? Are you making full use of your allowances?
Savings and investments
Do you have the right balance between savings and investments, and between
high and low risk exposure?
Life assurance and long-term care
Do you have adequate life assurance, and have you made provision for long
term care and medical insurance for you and your spouse in later years?
We can help you answer all of these questions and recommend solutions
tailored to your specific needs.
Estate Planning
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us. The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now. The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!
It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime.We provide a discreet estate planning service that includes:
- Help with drawing up and reviewing your will
- Making full use of exemptions and lower tax rates on lifetime transfers
- Optimising lifetime transfers between spouses
- Transferring agricultural or business property
- Transferring assets into trusts
- Arranging adequate life assurance to cover potential inheritance tax liabilities
We strongly advise you to begin your estate planning by contacting us for a preliminary review.
Personal Tax Planning
With the tax regime becoming more complex and more emphasis being put
on taxpayers' individual responsibilities, everyone who is subject to
taxation needs professional advice and support if they are to optimise
their tax position and ensure they meet all the compliance requirements.
We are the tax specialists. We can provide you with year round tax advice
on:
- Income tax
- Capital Gains Tax
- Inheritance tax
- Trusts and estates
- Non-domiciliary tax issues
Every pound of income tax you save means more income at your disposal, every
well planned disposal of assets means minimal loss of capital gains, and
every inheritance tax saving means more benefit for your beneficiaries.
Make sure you take full advantage of the tax saving opportunities open to
you - call us today for a personal tax planning review.
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