Capital Gains Tax Planning
There are a range of tax rates payable for Capital Gains Tax however, there are also a lot of planning opportunities and reliefs that can be applied. Often if we understand your objectives and plans for the proceeds or purchase we structure the transaction in a way that minimises the CGT liabilities. Every transaction is unique and the earlier you involve us the better.
Many business owners will have complex arrangements for the way they extract money from their business. They rarely take a fixed regular monthly income, but will often take larger sums from time to time, or just spend what they want using the business bank account like their own personal one.
Staying on top of VAT is essential for businesses to not only help avoid penalties for non-compliance and late filing, but also help to manage cash flow.
Research & Development
Research and Development (R&D) Tax is no longer just available to those who are developing cutting edge innovation. It is now applicable to a much wider range of industries and situations that you may be able to make a claim and save some significant amounts of tax.
Share Schemes (EMI/EIS)
Enterprise Management Incentive (EMI) share options are an attractive and flexible method of rewarding key people in an organisation.
We have advised on many EMI schemes and can guide on the best way to incentivise key personnel as well as providing guidance on the most tax-efficient remuneration packages.
Self-Assessment Tax returns
If you are self-employed, a partner in a business, have property income or receive any untaxed income for example, you will need to complete a self-assessment tax return informing HMRC of your taxable income and any gains for the tax year.
Stamp Duty Land Tax (SDLT)
When purchasing a property (residential, commercial or mixed use) or land in England you must pay Stamp Duty Land Tax (SDLT) to the government if the purchase is over £125,000 for residential properties or £150,000 for non-residential land and properties. Is it as simple as that?
VAT is a tax added to transactions between a supplier and a customer. There are various different rates of VAT chargeable depending on the type of transaction.
A CT600 is an annual tax return that all businesses are required to prepare. It is our role to ensure that all returns are completed and filed on time as well as confirming that all tax allowances have been claimed and all profits and incomes declared.
Every year employers are required to declare any employee benefits to HMRC. These benefits can range from items to services that you give your employees.
Completing the Trust Tax Return can be daunting, we can support you in completing it correctly and sending it to HMRC by the deadline date to prevent any penalties for incorrect and late returns.
Employment Related Securities (ERS) and Share Schemes are common practice for employers who want to reward, provide incentives or to retain staff.
If you do support or reward your employees using shares or other securities the ‘cash equivalent’ (less any amount they pay for the shares) is taxed as earnings. This means you are required to report these to HMRC via an annual ERS Return.
Construction Industry Scheme (CIS)
Construction Industry Scheme (CIS) is a scheme which requires building contractors to deduct tax from payments they make to their subcontractors and pay it over to HM Revenue and Customs (HMRC).
Capital Allowance Reviews
HMRC allow companies to claim tax relief of certain items of capital expenditure. This can include some part of buildings, plant and equipment and vehicles.
Management of HMRC
Being on the end of a HMRC enquiry can be very stressful. Having our support to help you gather all of the facts to correctly deal with and respond to HMRC can you not only peace of mind but the confidence that it is being dealt with appropriately.
Pre and Post Transaction Reviews
The success or failure of an intended tax treatment on any transaction can depend on how well the transaction is planned and implemented.
You work hard all of your life to build wealth for you and your family so the last thing you want to see is 40% of it taken by HMRC, but for many this is the case.
There are many genuine planning opportunities that can be undertaken to minimise this significant tax. From the routine use of allowances available and ensuring your will or life policies are drafted correctly to more complex structuring of your assets it can all make a significant difference.
It was Abraham Lincoln (allegedly) that said there are only two things in life that are certain… Death and Taxes. Nearly all transactions, and events, have tax implications. Each one will have its own rules, filing and payment deadlines too.
HMRC Test Run
HMRC actively use routine compliance visits to check PAYE, National Insurance, VAT, minimum wage and general books and records, so they can identify errors and collect additional tax.
Year-end Tax Planning
Year-end tax management is crucial, not just to ensure opportunities are seized and the correct amount of tax is paid, but also to ensure compliance with the rules, and to be ready for changes in the tax laws.
Share Scheme Reporting
Share schemes can be a tax efficient way to attract both employees and investors.
A business can offer employees shares through Share Incentive Plans, Save As You Earn, Company Share Option Plans and Enterprise Management Incentives (EMIs) which involves some tax advantages for you.
Tax Planning Review
Tax never gets simpler. Currently there are well over 100 different taxes covering individuals, companies, partnerships, charities, trusts and many more structures. The last finance act was almost 700 pages long. And of course they change every year depending on which government is in power and what objectives they have.