Good remuneration packages are important in attracting and keep the right quality staff.
We offer comprehensive advice on all employment tax issues including...
Tax efficient remuneration strategies;
Planning for retirement;
Company car and van strategies;
The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but this is not the case.
Although there is no clear-cut answer as to how you decide if you are self-employed or not, the following should be on your checklist
Fundamental factors to consider:
The right to get a substitute or helper to do the job;
Mutuality of obligations.
Other factors to consider:
Provision of equipment;
Basis of Payment
Opportunity to profit from sound management;
Part and parcel of the organisation;
Right of dismissal;
Intention of the parties;
Length of engagement.
These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and HMRC are not always right. HMRC do not have the final say on whether somebody is self-employed or not. We can argue your case and take it before the Tax Commissioners for you.
The cost if you get it wrong is enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it is going to be very hard to recover the back tax, interest, penalties etc from the worker.
We can review your existing arrangements and give you our opinion on whether it will stand up to attack from the Taxman. We can help advise on contracts for services to assist you and advise on how you can maximise your chances.
Inheritance Tax Planning
Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities.
We can advise...
Individuals whose estate planning is close to the nil rate band or many times larger;
Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios;
On both lifetime transfers and wills.
However, estate planning is not solely about tax and we adopt a common sense approach, helping you to ensure your own financial needs are met and to avoid "giving away too much too soon".
Need help with your Tax Return or want to pay less tax?
Personal tax services are available both for business owners and private individuals including...
All aspects of Self Assessment;
Dealing with Tax Returns;
Computation of liabilities;
Correspondence with HMRC;
Inheritance tax planning;
Are you a buy to let investor or property dealer or developer?
Property tax is a bit of a maze and we can advise you on issues such as...
Tax reduction strategies for rental income;
What is a repair and tax deductible and what is capital and not;
When to use a Limited Company to save tax;
Trading income versus Capital Gain considerations and advice;
Capital Gains rollover and holdover considerations;
Stamp Duty planning;
Tax efficient mortgage structures;
VAT considerations of property deals;
Making the most of the Principal Private Residence election;
Tax issues on the sale of part of your residence;
Inheritance Tax angles.
You are entitled to arrange your affairs to pay the absolute legal minimum amount of tax.
Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.
We try to do more than just this and are interested in maximising your tax planning opportunities.
We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always fight as hard as we can for our clients.
We can help with tax planning in relation to...
Tax efficient employee remuneration strategies;
Inheritance Tax strategies;
Profit extraction strategies;
Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. We enjoy this work!
It is important that this work is done in advance and you should contact us as soon as possible.
All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not put at additional risk from a full HMRC Enquiry, or where there are risks, these are pointed out to you.
Tax Returns and Self Assessment
Tax Returns can be completed for...
Individuals and sole traders;
The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It's important that...
Returns are correctly completed;
They are filed on time;
All backup records are retained for the appropriate period of time.
As well as the completion of your return we can assist with...
Advice on your tax liabilities;
Negotiating with the Collector if necessary;
Identifying suitable tax planning opportunities;
Completing all the necessary tax computations;
Dealing with all correspondence from HMRC, taking the worry away from you.
For VAT registration we can assist with...
Advising if you need to or if it would be beneficial to register;
Completion of the VAT registration forms and formalities;
Advising on the best VAT schemes to use suitable to your business - some you have to notify HMRC you are using and some you don't.