What we can do
Our job at Your Tax Partners is to work with our clients and their advisors to understand how what they want to do or the transaction being undertaken is impacted on by tax.
Nobody wants to pay more tax than necessary (even HMRC don’t expect this) and if you understand the rules you don’t need to. If tax planning is undertaken it must be commercial, justifiable and robust, not a scheme or a tax avoidance. Whilst you may not know the difference, which could cost you later both in money and potentially reputation, you can be assured that we certainly do.
Whether you are an individual or a business who need advice direct or an accounting practice or law firm without in house tax expertise we are here for you as Your Tax Partners.
Whatever action is taken, as an individual or in business, there is a tax impact which may be positive (tax saved) or negative (tax due). The question is do you or our advisor know enough to advise you and make sure the impact on you is positive and not negative?
Whatever the tax, we have the expertise to cover it so don’t pay the price of not talking to us first.
Once we understand the client’s objectives, we can explain how all of the various taxes apply, and guide them on how their objectives can be achieved with a positive tax impact.
Some of the key services we deliver to achieve this are:
Our team can be there when you need them.
Whether it be to understand the tax implications of a transaction or interpretation of the rules we can be your technical tax resource to make sure you get it right.
Significant transactions such as a sale, acquisition, MBO or a restructure will have a huge number of tax implications, but also opportunities to save tax.
This is where we can pay for ourselves using legitimate planning and reliefs that are available to enable you to keep more of your income or wealth.
Pre and Post Transaction Reviews
It is sometimes possible to apply to HMRC for clearance before or after a transaction to provide reassurance on the planning to be undertaken.
It is often a great value to understand how HMRC will view certain transactions or valuations so that you can arrange your affairs robustly rather than paying the price later.
Capital Allowance Reviews
We are amazed at the amount of tax that we can save simply by identifying genuine tax allowances that business have missed or are not aware they can claim.
Often significant sums are invested into properties such as factories, offices, hotels and many more, but the tax allowances are not maximised.
We are able to carry out a review of your properties and make a claim for any allowances you have missed. We guarantee that we will find savings which is why we only charge a fee based on the benefits and the tax we save.
Research & Development Reviews
Once reserved for blue sky research or medical advances to cure disease the generous tax relief available on R & D now has a lot wider application and benefit, but most businesses are still not claiming it.
It may be prototypes produced, new processes introduced to improve productivity or new working methods/practices to improve efficiency. Some of the claims are technology based, but not all of them.
We are now seeing manufacturers, property developers, service based industries and businesses across all sectors take advantage of this tax incentive. Our specialists are confident in the work they undertake, which is why we are happy to carry out a review and you only pay us based on the benefits and the tax we save.
We have the ability to go back for up to 2 years to make a claim and you will be surprised at the costs that can be included for a relief that be up to 230% of the cost!
You cannot plan your income for tax avoidance, but you can plan how you take your income.
There are a number of legitimate ways to minimise the tax on your income and different types of income that you can enjoy with tax benefits. We can help you plan the best way to deliver the highest income for the lowest tax cost in line with the rules.
Capital Gains Tax Planning
There are a range of tax rates payable for Capital Gains Tax from Nil to 10% Entrepreneurs Relief to 28% on Residential Property. However, there are also a lot of planning opportunities and reliefs that can be applied.
Often if we understand your objectives and plans for the proceeds or purchase we structure the transaction in a way that minimises the CGT liabilities. Every transaction is unique and the earlier you involve us the better.
Inheritance Tax Planning
You work hard all of your life to build wealth for you and your family so the last thing you want to see is 40% of it taken by HMRC, but for many this is the case.
You also put it off as it is not a cheery subject and it doesn’t matter today, but there are many genuine planning opportunities that can be undertaken to minimise this significant tax. From the routine use of allowances available and ensuring your will or life policies are drafted correctly to more complex structuring of your assets it can all make a significant difference.
A lot of people do not even know or appreciate the potential IHT liability they have built up. So if this is you come and talk to us and not only can we calculate the size of the problem we can help you do something about it.
VAT is one of the most vast and complex taxes, hence you need specialist experience just to understand the legislation and then to work out what is best for you.
Whatever your structure or business if you want to find out more about how making the right VAT decisions can benefit your finances then we can help.
VAT health checks are a key part of our service, too – if you would like us to pay you a visit to assess and make recommendations on your current VAT structure and organisation to improve it, we would be happy to help.
Stamp Duty & SDLT
In our experience, SDLT is the ‘hot potato’ of tax! Your accountant will probably pass it to your solicitor, and many solicitors will either pass it back to your accountant, or will apply the worst-case scenario. We work regularly with both to make sure this does not happen.
We often encounter people and businesses frustrated at their future plans being thwarted because of the likely SDLT cost or paying it and not realising they did not have to! There are so many reliefs and exemptions available, which could manage or reduce this tax cost.
It always amazes us that EMI schemes are not used more widely!
HMRC offer a tax efficient and cash efficient way to:-
- Recruit the highest quality team
- Motivate your best people to achieve more
- Secure their loyalty
…without having to actually give them anything until the business is sold.
Enterprise Investment Schemes (EIS)
Whether you are looking to attract investors into your business, looking to make an investment or facing a large capital gains tax bill, EIS could be the solution.
Did you know you could potentially defer a capital gains tax bill indefinitely, by reinvesting cash into your own company! You can also get income tax relief in the year of investment.
Some are lucky enough never to experience the uncertainty, fear and anxiety of a tax enquiry. For those that do, having a specialist by your side throughout the process can drastically reduce those symptoms, as well as the tax consequences!
We have managed countless tax investigations and we know there are certain key components that are essential to minimising their impact. These include co-operation, communication, strong technical research and justification, whilst building a rapport with the inspector. Ultimately, they are (mostly) just people doing their jobs; and in our experience, the process is less combative, less stressful and far more contained, using our approach.