Tax Planning

Expert advice to optimise your tax position

Working with you to optimise your tax position

The benefits of ensuring your business is structured in a manner to optimise your tax position cannot be understated. We work with our clients to ensure that their tax strategy is achieved in the most efficient manner.

Our tax planning services work across the corporate and personal spectrum to ensure that your affairs are structured in a way that leaves no stone unturned. The final result is a tax strategy and structure that ensure your affairs are managed in the most tax efficient manner.

Our team of over 40 partners and staff include experts across the taxation landscape. Particularly areas of tax planning in which we are able to offer specialised advice include:

  • Corporation tax
  • Capital allowance reviews
  • Exit and succession planning
  • Remuneration planning
  • Company re-organisations
  • Business sales and acquisitions
  • Share schemes
  • Trust taxation and wealth management
  • VAT
  • Employment taxes
  • Making Tax Digital

 

Making Tax Digital or MTD

From 1 April 2019 it become law for most VAT registered businesses to maintain their financial records in digital format. This also means a change to the way VAT returns are submitted with software required to link directly to HMRC.

This will revolutionise the way many businesses keep their books and accounts.

We’re able to help you understand the requirements of Making Tax Digital, help you assess if your software is sufficient, assist to ensure a smooth transition period, and offering ongoing support as the legislation continues to evolve so you stay ahead of the curve.

To learn more about Making Tax Digital please visit our dedicated service page here.

 

Corporation tax

Corporation tax is likely to be an inevitable for most businesses. It is also the first tax which is often over-looked when it comes to planning. Much more than pure tax compliance our advice and strategies can optimise your tax efficiency.

Our tax planning for business incorporates a full review of your tax affairs and covers all aspects of taxation to ensure your tax strategy is as efficient as possible.

Specifically designed for small and medium owner managed businesses we understand how to add value through tax planning for business owners.

 

Capital allowance reviews

Many businesses are unaware of the current capital allowances regime under which relief can be claimed on qualifying capital expenditure. Whilst most businesses are aware of the basics, many are unaware of the extensive list of assets which qualify for capital allowances and of the various elections that can be made to maximise tax savings.

Our work will be designed to incorporate a full consideration of:

  • Annual investment allowance
  • R&D tax allowances on qualifying equipment
  • Pooling of expenditure and allowances due
  • Special rules for cars
  • Structures and buildings allowance
  • Long & short life assets
  • Environmentally friendly equipment

 

Exit and succession planning

It is important, long before the ‘sale’ decision is made, that the business is prepared and ready to be presented in its best light. Consideration of working capital management, regular and appropriate management information, a strong management team and succession plan, a clear growth plan and a focus on driving value all need to be considered well in advance of selling any business.

When these considerations are aligned with a correctly structured tax planning strategy the tax savings can be substantial. This means that a well-structured exit is achieved for the benefit of those exiting and also the new incumbent(s).

We can support you with all aspects of preparing a business for sale, and the earlier we can help the better.

Our Strategic Advisory service goes hand-in-hand with the tax planning angle to ensure a smooth and efficient business succession plan is achieved. To learn more about our strategic advisory service see our dedicated service page here.

 

Remuneration planning and employment taxes

There are a number of ways in which you can plan for remuneration, whether you are operating a large organisation or a small limited company.

Through careful consideration of options such as dividends, salaries, and other benefits we aim to maximise tax efficiencies.

Equally our detailed planning is designed to ensure all obligations for ongoing National Insurance contributions, national minimum wage regulations and tax liabilities, whether this is through PAYE or by Self-Assessment, are achieved.

Remuneration planning is usually undertaken as part of a larger over-view of a businesses tax affairs to ensure that all taxes are taken into account to achieve the optimal position. This can include other indirect taxes upon which planning can also have an impact for example, Corporation Tax.

In addition to providing advice and guidance on tax issues regarding remuneration we can support you in building a package which provides your staff with an incentive at an affordable cost.

You can access our dedicated VAT and PAYE services page here.

 

Company re-organisations

There are many reasons why an organisation might undergo a re-organisation. Corporate simplification or rationalisation, preparation for the sale of whole or part of a group, or a post- acquisition transfer to meet the needs of the new ownership.

It is important that whatever the commercial objective, the tax treatment of any transfer of business or assets should be considered from the early stages of the process. Taking short, medium and long term consequences into account to ensure that all angles are covered.

A re-organisation may trigger a tax liability such as Stamp Duty Land Tax, capital gains or impact the availability of tax relief. VAT will also require consideration, as well as the taxable status of the assets, VAT group arrangements, and the possibility of going concern treatment. Employee pensions schemes may also be affected.

It is clear that careful tax planning is critical to navigating the technical complexity of business re-organisations.

 

Business sales and acquisitions

Just a there are many different commercial considerations to make when considering a business sale or acquisition, the situation is the same from a tax perspective.

Our team of experts have many years’ experience in assisting with most types of business acquisition and sales. We are well positioned to ensure we offer comprehensive advice to allow our clients to make well informed decisions at a very important time.

Specifically related to business sales and acquisitions our work is designed to cover and consider:

  • VAT compliance
  • PAYE and NI commitments
  • Corporation taxes
  • Stamp Duty Land Tax
  • Capital Gains Tax
  • Entrepreneurs Relief

To find out more about our Corporate Finance offering please visit our dedicated services page here.

 

Share schemes

Share schemes have grown in popularity over the years as business owners look to utilise such schemes to incentive key employees who are integral to the future of a business.

Business owners and directors of any independent company which qualifies to grant share options as Enterprise Management Incentives (EMIs) can consider the grant of such options to one or more key employees.

Such grant and exercise of EMI options – which enjoy favourable tax treatment for both the option holder and the employer company – are an attractive way of allowing employees to share in the growth in value to which they contribute through their day to day work.

It is also important to consider the adoption of a Share Incentive Plan to enable shareholding by all employees. In the 2013 Budget there were several changes to the Share Incentive Plan (SIP) rules which should mean that SIPs are much more attractive to smaller companies.

 

VAT

Whether your VAT affairs are straightforward or highly complex, and whether you require one-off specialist advice or ongoing services, you can benefit from a VAT expert working with you to achieve your aims.

Our specialist team can help you plan a VAT efficient approach to every aspect of your business to enhance cashflow and minimise risk.

Key aspects where we are able to focus our work are:

  • providing VAT advice on proposed transactions to ensure VAT recovery is maximised
  • providing VAT consulting and compliance services for cross-border or UK supplies of goods and services
  • performing a VAT health check
  • assist you in implementing your VAT strategy
  • support you with enhancing the efficiency and effectiveness of your record keeping for VAT
  • helping mitigate any transgressions and penalties
  • negotiating with the fiscal authorities through any enquiry or investigation providing bespoke training for your key personnel

You can visit our dedicated VAT and employment taxes dedicated services page here.

 

Our team of specialists are on hand to assist with any tax planning queries you may have.

 

Meet our service specialists

Our insights

Read the latest insights from our team of industry leading experts.

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