Planning for the future
Tax is undoubtedly complex but we’re confident that, with supportive advice and efficient tax planning, our specialist tax advisors can help you to understand how to meet all HMRC compliance requirements while still keeping your taxes as low as possible.
Completing adequate tax planning to minimise your personal and business tax burdens is sensible, but we find that many people are now reluctant to discuss improved tax efficiency thanks to recent high profile headlines surrounding aggressive tax avoidance schemes.
To be clear, minimising your tax exposure and avoiding tax is not the same thing. All advice that we provide will be fair, responsible and will ensure that you optimise your tax position while ensuring that you meet all the compliance requirements. It will also, of course, be treated in the highest confidence and dealt with to highly professional standards.
We can make sure you are making the most of the HMRC-approved income tax breaks and also look at options that allow you to offset income tax and / or claim back some or all of the tax you have already paid.
Our team can also advise you on the best income tax structure for your business, particularly for sole traders and partnerships who could benefit from weighing up the cost of employee tax versus company tax such as dividends and benefit in kind (BIK).
Capital Gains Tax (CGT)
Capital gains tax is the tax you pay on the profit from the disposal of an asset, such as a property sale.
Minimising your capital gains tax is all about effective tax planning. For example, do you know that HM Revenue and Customs (HMRC) allow each person a fairly generous CGT allowance, but if your allowance is not used within the tax year it is lost? Not realising this means that many people pay capital gains tax that they need not pay.
We can help to ensure that you’re not one of those people by working with you to plan your tax affairs differently and our specialist tax advisors can talk you through the many legitimate methods of avoiding or reducing capital gains tax.
Inheritance tax and trusts
Inheritance tax is arguably the cruellest tax of all. After a lifetime of paying taxes, for people above a certain level of personal wealth, your assets after death will be charged tax at a whopping 40% before they can be transferred to your loved ones.
Originally aimed at the very wealthy, the significant increase in house prices means that we are seeing more ‘ordinary’ working families falling foul of this tax.
Planning early is crucial if you want to mitigate and reduce the burden of Inheritance Tax on your family. We can also advise on Trusts and Estates and non-domiciliary tax issues.