Tax is now so fundamental that virtually no financial decision should be made without reference to the tax consequences. In addition, the tax regime changes every year affecting both businesses and private taxpayers. Both H.M. Customs & Excise and Inland Revenue increasingly conduct in-depth investigations and examinations of various business practices. We advise on a wide range of tax matters but the following areas have proved particularly important in recent years:
We generally review each company’s tax position before the year’s end, advising on the planning opportunities and the relative merits of different strategies. Particular areas for attention may include Director’s remuneration, dividend policy, and business reorganisations.
Personal taxation is often complicated and confusing for the individual taxpayer. Our Tax Team offers a comprehensive service for anyone who is, or may be subject to income tax.
Our staff will explain in simple terms how the taxation rules are operated. They will provide taxation planning and suggest how tax liabilities may be mitigated. No matter how un-complicated your affairs may seem, a small amount of advice could lead to substantial benefits.
Value Added Tax
Current legislation means that taxpayers could be penalised if they are late with VAT returns and payments or even if an innocent mistake is made. We can assist with designing financial systems to help avoid these penalties.
Pay As You Earn
Special Inland Revenue teams now regularly investigate employers’ PAYE and accounting records. Our tax team can help employers review their remuneration practices – alerting them to potential danger areas such as Casual Labour, Director’s Loans, and P11D compliance. We can also offer a full payroll service at a realistic cost.
Planning to mitigate National Insurance liabilities is an increasingly important consideration for employees, employers, and the self-employed. The interaction between National Insurance and Income Tax is of considerable importance when evaluating potential National Insurance savings and therefore it is imperative that an experienced team of tax experts fully consider the relative merits of such schemes and proposals.
Budget changes in recent years have meant that businesses need to ensure that past practices in terms of remuneration packages, need to be reviewed to ensure that they continue to offer optimal tax efficiency.
Stock market performance has led a significant number of people to feel that traditional long-term investments such as pensions are less attractive than they once were and have decided to make property investments as an alternative. For some people, this may be the case, but there are many factors to consider, and each individual circumstance must be assessed.
There are many factors to consider in relation to this as the tax consequences of buying, selling, letting, developing, and financing property can make a substantial difference to the investment return and it is important to consult us for the appropriate advice.
Few, if any, clients relish the thought of substantial amounts of family wealth passing to the Inland Revenue. The legislation relating to the taxation of Inherited Wealth is complex and regularly subject to major change.
With the significant increases in property values, there are a great number of people who will now have to seriously consider the implications of inheritance Tax for the first time. In light of this, our involvement in careful planning is essential, as is the need to keep existing arrangements under review in order to keep abreast of legislative changes.
Trustee and Executorship
Many clients use Trusts as a vehicle for the distribution of their wealth. The legislation concerning Trust is complex both in terms of the powers and duties of Trustees (in relation to investments in particular) and the taxation of Trusts. Furthermore, the creation and administration of an Estate or Trust are likely to be closely related to the overall provision of taxation and investment advice to an individual or family. In such circumstances, it is vital that the administration of Trust and Estates is undertaken by our tax team who are used to dealing with these matters in an efficient and sympathetic manner.
Capital Gains Tax
For many clients, the impact of Capital Gains Tax has been reduced in recent years by changes in legislation relating to taper relief and other trade-related asset classifications. Many of these can be to the benefit to the individual but will require careful planning to ensure that maximum benefit is derived from the opportunities that are available.
Regardless of the individual’s circumstances, it is still imperative that accurate records are kept in order that complex computations, necessary when assets or investments are disposed of, can be provided.
We can assist with all aspects of these situations where they arise.
The interaction of Capital gains Tax with Income Tax and Inheritance Tax can be easily overlooked. As part of an overall taxation service to individuals, our tax team eliminates these potentially expensive mistakes.
Practical Tax Advice
The tax environment for businesses and individuals changes rapidly. It is essential for clients to have immediate access to reliable taxation advice based on practical experience. We, therefore, urge clients to seek our advice well in advance on all taxation matters in order to obtain maximum benefit.