Tax Consultants Providing Tax Saving and Wealth Management Solutions

The subject of tax never fails to ignite people’s emotions! It’s an area that requires deep knowledge and expertise. Our accountants and tax consultants can provide you with a wide range of tax consulting and wealth management services.

Tax Consulting for Business

An effective tax strategy is integral to decision making and business growth. Surprisingly many businesses have either no tax strategy or poorly thought out tax strategies, which means many businesses pay more tax than they need to.

Adopting the right tax strategy will not only reduce your overall tax exposure but can be applied as a strategic tool to increase your competitiveness. Our tax consultants can help you reduce your tax liabilities and mitigate financial risk.

In recent years there has been a growing realisation that big companies increasingly find ingenious ways to legally avoid tax. However this is not the preserve of big business. Every business can achieve the same goals if they have the right tax consultants with the necessary skills and knowledge.

Every business needs to not only understand the type of expenses it can legally put through the business but which type of expenses make profitable sense to put through the business. For example is it better to buy a company car on lease or is it better to purchase it privately?

In the case of limited companies there are detailed laws governing allowable business expenses, which are critical to know for business profitability.

As an example, businesses can get tax relief allowances on buying certain types of equipment and machinery. Furthermore if a business carries out a lot of research and development then it can also claim tax relief.

Therefore it is essential to work with accountants and tax consultants who have the necessary knowledge to advise you. Indeed it may be the case that there is no need to reduce your corporation tax bill and that it would be more profitable to take a share of the profits rather than drawing a salary from the business.

These are just some of the intricacies a business would need to consider, which demonstrates the importance of finding the right accountants and tax consultants to advise on the most suitable course of action.

  • Capital Gains Tax
  • Corporation Tax
  • Custom Duties
  • International Tax
  • PAYE and National Insurance Compliance
  • R&D Tax Credits Scheme
  • Tax Investigations
  • Tax Strategy
  • VAT

Tax Consulting for Private Individuals

We provide specialist tax advice to individuals and families who are required to submit Self Assessment Tax Returns and we also provide advice on wealth management, wills and inheritance tax planning (IHT).

An effective tax strategy is integral to wealth management. Surprisingly many individuals and families have either no wealth management strategy or poorly thought out wealth management strategies, which means many people pay more tax than they need to.

Our tax consultants provide the following areas of personal tax expertise:

  • Self Assessment Tax Returns
  • Pensions & Retirement Planning
  • Tax Investigations
  • Tax Planning
  • Wealth Management

Wealth Management

We help our clients accumulate, preserve and transfer their wealth. We study a client’s financial objectives and formulate a wealth management strategy that is tailored to each client’s circumstances.

We are further developing the capabilities to deliver and pioneer ethical and Islamic wealth management services.

Our tax consultants provide the following areas of wealth management expertise:

  • Banking
  • Capital Gains Tax
  • Inheritance Tax
  • Investments
  • Pensions
  • Tax Planning
  • Trust & Estates
  • Wills

Tax Investigations

In recent years we have seen an unprecedented growth in tax investigations. This is because of new legislation concerning money laundering, and a drive by the Treasury to increase tax investigations.

Since the merger there has been a drive to modernise how customers comply with their tax obligations and focus on tax non-compliance. This has further contributed to the rise in tax investigations, and changes to the way tax investigations are handled.

Therefore the likelihood that you or your business will be investigated by HM Revenue & Customs is stronger today than ever before.

Our tax consultants have deep expertise tax investigations. Our firm has two former tax inspectors on its tax investigations team.

We offer our clients an Enquiry and Dispute Fee Protection Service. For a fixed annual fee the service will ensure that your interests are protected in the event of a HM Revenue & Customs (HMRC) enquiry or dispute.

The service will cover up to £75,000 of fees (a lower limit will apply to some elements of cover) in the event of an enquiry or dispute which includes:

  • Income Tax Self Assessment enquiries
  • Corporation Tax Self Assessment enquiries
  • VAT disputes
  • PAYE disputes
  • NIC disputes
  • IR35 and other status disputes arising from HMRC enquiries

Our service includes appeals and tribunals giving you the comfort that you have adequate resources to fully defend unfair tax demands. We have helped numerous clients, some from other accountants with help and assistance during an enquiry from HMRC.

It is paramount that the enquiry is dealt with as swiftly and efficiently as possible to obtain the best possible results for clients financially and health wise!

Questions and Answers

How can I reduce Inheritance Tax (IHT)?

Inheritance tax is payable upon death of an individual whose estate is over £325,000 which attracts tax at 40% over and above £325,000. In the past inheritance tax was for the very rich, however, substantial increases in house prices has meant that many more people are now caught up in inheritance tax.

Previously, tax planning rules enabled couples to qualify for the Inheritance Tax allowance by transferring either the ownership of assets either wholly or partially between husband and wife during lifetime or wholly at death. This would enable both husband and wife’s allowances to be fully utilised without waste. However with the new rules couples can transfer the unused element of their respective Inheritance Tax allowances to their spouse on death.

Since these changes are retrospective it will benefit widowers and their children as widowers can now use their partner’s £325,000 allowance and double the value of the estate on which nil tax is paid. Our tax consultants have helped many clients implement tax saving solutions comprising of:

  • Making gifts to friends or family
  • The creation of trusts
  • And much more!

Please contact our tax consultants to see how we can develop a detailed plan to reduce your inheritance tax.

 

How can I reduce the amount of Capital Gains Tax (CGT) when I sell my business?

If you close or sell your business after 6 April 2008, you might be eligible for Entrepreneurs Relief. This means that you pay only pay 10% Capital Gains Tax on any qualifying profits, as long as you have a stake of 5% or more in the business and the business has been trading for at least a year.

You will be able to make multiple claims for tax relief on gains as long as it does not exceed ñ0 million since this is a lifetime limit.

Our tax consultants can help you calculate your Capital Gains Tax (CGT) and claim Entrepreneurs Relief if the business qualifies. We also recommend that you explore investments that are exempt from capital gains tax or paid at a much lower rate, such as Enterprise Investment Schemes (EIS) or Venture Capital Trusts (VCT).

Please contact our tax consultants to see how we can reduce your Capital Gains Tax.