As well as the preparation and submission of annual tax returns to HMRC, including those for minor children who are in receipt of untaxed income, we offer expert advice to ensure that you maximise opportunities for tax relief and claim for all tax allowable deductions for the whole family.
The tax planning environment has materially altered over the past few years, especially in relation to tax transactions that were previously deemed to be “acceptable financial planning”.
Following the introduction of substantial new tax legislation, the tax consequences of investments made recently, or possibly many years ago, has come under a very public spotlight. We have followed these developments closely and can advise you of precisely how these new rules can, and as importantly cannot, impact you, especially with regard to the payment of tax demands under the Accelerated Payment Notice regulations.
Disposing of an asset chargeable to Capital Gains Tax can, in the right way and at the right time, be undertaken with substantially reduced tax costs. The correct use of statutory deductions such as Entrepreneurs Relief, Business Asset Rollover Relief, Gifts Holdover Relief, Incorporation and Disincorporation Relief, to name just a few, can provide the means to mitigate or significantly reduce your tax liability.
No one really knows what the future holds but planning your family’s inheritance in the most tax efficient way is a means to leaving more of your hard earned assets to future generations. This will often include a bespoke approach to give you the most control wherever possible over your asset base, whilst engaging the next generation in financial responsibility.
Similar to tax compliance services for individuals, trustees are required to file annual tax returns to HMRC and we offer a specialist tax return, planning and advice service to trustees, as well as reporting obligations to beneficiaries of UK trusts.
Starting a business is exciting as well as daunting but the tax advantages offered by HMRC, open to individuals starting up and investing into a business as well as those looking to exit from a business, can provide substantial downside protection. We offer expert advice throughout this process including applications to HMRC to obtain approval for all tax advantages and ensuring that these are maintained through the minimum terms necessary.
The Statutory Residence Test has introduced a more certain framework around coming to and leaving the UK. We have worked with these new rules since they came into effect on 6th April 2013 and can confidently advise on the precise tax consequences of your activities both within and outside the UK. The rules are different for non-domiciled UK residents and often more complicated, making it all the more important that you get the right advice so you can make the most of every opportunity.
An investigation by HMRC can become an expensive distraction from managing your everyday financial affairs. Our aim is to resolve matters quickly and secure the best results for you. We look closely at HMRC’s concerns and our expertise allows us to manage the enquiry and shape the most cost-effective outcome for you, including agreeing beneficial settlement terms with HMRC.
A thorough understanding of your needs, objectives and future plans is the starting point for any advice that we give you. Flexibility is uppermost in our planning; what works today may not be appropriate in years to come as your personal circumstances change.
We will keep your tax planning strategy under review so that it can be adapted to suit these changing circumstances, as well as the ever-changing basis for UK tax legislation.