Tax savings

We can help you determine which business entity to choose, such as a sole proprietorship, partnership, limited liability company, or corporation.

The right corporate structure can help you save tax by reducing your corporate tax rate, separating income and expenses, using tax-efficient vehicles, using tax treaties, and managing compliance.

Is your business claiming all available tax reliefs and allowances as part of your Corporation Tax Self-Assessment? We can identify various tax reliefs and allowances available to your business, to reduce your company’s taxable profits, resulting in a lower tax bill.

We can also advise you on the timing of expenditure to accelerate or defer expenditure to optimise your tax position. For example, you may choose to bring forward capital expenditure to take advantage of capital allowances in the current accounting period or defer it to the next accounting period to reduce your tax liability.

Are you maximising all available individual tax savings? Our advisers can provide a wide range of advice including:

• Making use of tax-efficient savings accounts
• Contributing to a personal pension
• Claiming all available tax deductions
• Taking advantage of tax credits
• Utilising your Married Person’s Allowance
• Timing capital gains and losses
• Making use of tax relief on rental income
• Utilising tax-efficient investments

There are many ways you can minimise the amount of Capital Gains Tax you need to pay. In addition to ensuring you utilise your annual exemption, you should consider:

• Offsetting gains with losses to reduce the amount of gains subject to CGT.
• Making use of tax-free investments
• Transferring assets between spouses or civil partners
• Maximising CGT allowances and reliefs including Entrepreneur’s Relief, Investors’ Relief, and Private Residence Relief
• Investing in Venture Capital Trusts (VCTs) or Enterprise Investment Schemes (EIS):

Our advisers can help you determine a retirement plan that is best for your individual needs and provide advice on how to minimise your tax burden with careful planning.

We can advise you on contributions and top ups to a pension plan, utilising the annual allowance, and considering employer contributions, to reduce your tax liability and boost your retirement savings.

If you own your own business, we can also work with you to put in place a tax-efficient exit strategy to ensure that you keep more of the money you have worked hard to accrue.

Having worked hard all your life, you will undoubtedly wish to pass on as much of you financial legacy as possible to your loved ones rather than to the taxman.

Inheritance Tax (IHT) can be minimised through various tax-saving opportunities, including making use of annual exemptions, gifting assets, making use of trusts, and taking advantage of business and agricultural property reliefs.

We can help you put together plans to help minimise your estate’s IHT liability.

There are a number of ways you can minimise your personal tax burden and our tax advisers are  here to help you sort out your self-assessment in the most beneficial way.

• We’ll check that you are:
• Claiming all available tax deductions
• Taking advantage of tax credits
• Managing the timing of income and expenses
• Making use of tax-efficient investments
• Planning for education expenses

If your business hasn’t considered claiming R&D tax credits, you could be missing out.

R&D tax credits provide a financial benefit to any business that carries out research and development activities. It’s important to understand that the project does not need to have been successful in order to claim.

You could be eligible for a reduction in corporation tax liability, a cash payment, or an increase in taxable losses that can be carried forward.

To find out more download our helpful guide on R & D.

If your business is registered for VAT, there are a number of potential tax savings you could make.

Our tax advisers can help you reclaim VAT on business expenses and explore potential cash flow benefits to benefit the overall profitability of your business.

With the increased risk of HMRC investigations, you might wish to consider taking out an annual insurance policy to protect you and your business from unexpected costs.

An investigation inevitably results in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case, but the cost could be substantial. Taking out tax protection is like insurance – it protects you in case the worst happens.

As tax advisors find out how we can make tax far less taxing. Call us now for an informal chat.