Individual taxation involves far more than completing a personal tax return.
However complex your personal tax situation we can help you to understand the issues you face and to work with you to minimise your tax liabilities and develop tax-efficient plans to help you build and maintain your wealth.
An important early stage of the planning process will be to consider your intentions, your income and capital requirements (both now and in the future) and your family circumstances.
We can help with advice and practical support on the personal tax implications of business mergers, partnership profit-sharing strategies and moving to an LLP structure. We have particular expertise in construction, information technology, leisure and professional partnerships.
The capital gains tax rules changed significantly from 6 April 2008. Capital gains tax is chargeable on the world-wide gains from asset disposals by individuals who are resident or ordinarily resident in the UK. However, there are a number of ways to mitigate or eliminate a capital gain and the earlier plans are put in place the more options are available. We can guide you in the tax-efficient use of trusts and realising your assets at the lowest tax cost.
We advise on tax-efficient structures for asset disposals and how you can use the available tax reliefs to minimise and defer tax on gains that are chargeable. For example, we can ensure you get the maximum benefit from Entrepreneurs’ relief by helping you set up tax-efficient business structures from the beginning and carry out regular reviews to ensure that you continue to meet the many qualifying requirements.
Sensible planning for your retirement is not simply a matter of putting money into a pension plan when you feel you can afford to. It is likely that to provide for a comfortable retirement you will need a structured, long-term plan with a number of elements, from traditional pension savings to specialised investments. Working with your financial adviser we will help build a retirement strategy that is tax-efficient and flexible enough to adapt as your retirement intentions change.
Our experience in dealing with all forms of tax investigation, including the new disclosure opportunity, and our detailed knowledge of the respective rights and powers of the taxpayer and HMRC mean we can guide you through the process and negotiate directly with HMRC to ensure that tax, interest charges and penalties are minimised.
Despite changes to the way the nil rate band can be used by married couples and civil partners, inheritance tax is still a significant cost when passing on family wealth. While anti-avoidance rules to combat complex tax planning arrangements continue to emerge substantial savings can be made without resorting to controversial arrangements. By explaining the issues and guiding you through all the tax-saving options, we can help you approach this problem in a practical and constructive way, which may involve giving away assets in your lifetime, creating trusts, insurance arrangements, acquiring specialised investments or simply including the right clauses in your will.
If you are of non-UK origin or are based overseas we can advise you on the impact of your tax residence and domicile status and the many changes to the rules for non-domiciled individuals that have taken effect from April 2008. As businesses grow and exploit opportunities overseas, they encounter many different taxes and the risk of double taxation. A tax-efficient structure is one of the keys to international success.
To find out more about our business tax services please visit the following page – Businsess Taxation