Here at John M Taylor & Co, we use our extensive knowledge of the tax system to ensure that you don’t pay any more tax than you have to and by taking care of the statutory compliance burden for you we leave you to focus on what matters most to you, the continued development and growth of your business.
Accumulating and retaining wealth is an important area for most owner managers. Tax planning is about selecting the right strategy to help you achieve both business and personal objectives.
By working closely with our clients to determine their business and personal objectives we assist our clients with structuring their affairs in a tax efficient manner to ensure that they make the most of any reliefs or allowances available to them. UK Tax legislation is ever changing and from time to time opportunities arise for our clients to save tax and our proactive service gives our clients confidence that they are fully compliant and only paying as much tax as they have to. Whilst we recognise that tax can never be the main driver we work with our clients to ensure that their affairs are structured so as to enable them to meet their objectives whilst remaining as tax efficient as possible.
A close relationship with our clients ensures that they understand the issues that they face and are in a position to make informed decisions every step of the way. We have experience in the normal types of tax planning, the main areas being:-
- Corporation tax planning
- Income tax mitigation and deferral
- Remuneration planning
- Inheritance tax and estate planning
- Capital Gains tax planning
- National Insurance planning
- Land & Building Transaction Tax (LBTT) mitigation
- Business development
- Succession/Retirement planning
- Wealth Generation
- Planning with trusts
- Management buyouts
- Business Acquisitions
Whatever your tax planning needs, we will be happy to hear from you.
Corporation tax is a substantial part of your trading costs so it is increasingly important that you make the most of the reliefs and allowances available to you. The introduction of a new harsher penalty regime for non-compliance means that there is more pressure than ever to get things right first time.
Our aim is relatively simple, to minimise your tax liabilities and to ensure that you meet your legal and statutory obligations. At John M Taylor & Co we offer a range of services to help you minimise your exposure to Corporation Tax and to take care of the administrative burden of complying with tax legislation.
- Determining the most tax effective structure for your business
- Working with you to make sure that you make the most of any tax opportunities and reliefs
- Ensuring that you receive the maximum relief available on any acquisitions
- Ensuring that the tax payable on any disposals is minimised
- Dealing with Corporation Tax Self Assessment
- Dealing with the tax authorities direct on all other matters
- Tax-efficient remuneration schemes
- Raising finance
- Succession planning
- Company sales and management buyouts
- Rewarding employees
- Advising on liabilities and due dates for payment including advice on quarterly payments for large companies.
If you are considering selling your business it is vital that a comprehensive review of your business is undertaken prior to any sale. By carefully reviewing your business and its structure we can ensure that your business’ value is maximised and the tax payable minimised. This type of review is best performed 3 to 5 years before a sale of your business is actively sought so we’d urge you to contact us now to discuss your future plans and what can and should be done now to help you realise those objectives.
In the UK Income Tax is chargeable against most earned income including income from your employer and self employed earnings, along with investment income such as dividends and interest etc. Income tax is charged at a variety of rates according to your income level ranging from 0% to 45%. In addition to these headline rates there are also effective tax rates of 60% lurking within the tax regime where there is reduced entitlement to tax free personal allowances or where the High Income Child Benefit Charge is relevant.
With increasing responsibilities falling on you as a taxpayer and the introduction of an increasingly punitive penalty regime it is more important than ever that you have access to professional advice and support to make sure you are optimising your tax position and meeting all your compliance requirements.
If you require independent personal tax planning advice to protect your wealth our tax team can provide year round advice whenever you need it. We can assist you with all aspects of personal tax planning, from basic assistance completing Self Assessment Tax Returns to tax planning to assisting you with HMRC enquiries.
Our tax services include:
- Self Assessment filing and tax compliance.
- Personal tax planning.
- Inheritance tax planning.
- Capital Gains Tax planning.
- Tax compliance and planning for Trusts and estates.
- Family business advice.
Our clients range from sole traders to directors of large companies, professional partners to trustees, wealthy individuals with significant personal assets to pensioners looking to reduce their tax liabilities.
If you would like more information on the tax services that we offer please give us a call.
Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is a tax charged on individuals (and Trusts) on gains arising on the disposal or gift of assets. As with most taxes, there are a range of exemptions and reliefs available which can significantly reduce the CGT payable. However, most of these exemptions and reliefs are complex both in terms of how they are applied and the qualifying criteria. It is therefore essential that you seek specialist advice if you dispose of an asset on which a capital gain has arisen.
We have a wealth of experience in dealing with capital gains planning and compliance and can assist you with the calculation of capital gains tax. Over the years there have been a number of changes to the way in which capital gains tax is charged and to the reliefs which are available. As a result most calculations end up being complicated and detailed affairs which require specialist knowledge. We can help with CGT issues arising on any type of transaction, making sure that you pay only the minimum amount of CGT.
In many cases, careful planning can reduce the Capital Gains Tax payable on the disposal of an asset so it is vital to consider the structure of any transaction before it happens to make sure it is being carried out in the most tax efficient manner. If you have disposed of any assets please contact us now if you require assistance with calculating the capital gains tax payable or reporting the transaction to HM Revenue & Customs. If you are thinking of selling any assets please contact us before you sell them so that we can review what can be done to make the transaction as tax efficient as possible.
Inheritance Tax (IHT)
Inheritance Tax (IHT) is payable by individuals on gifts made during their lifetime and on their estate at death. Currently, the first £325,000 of chargeable transfers during an individual’s lifetime or on death is free of IHT with any excess over this amount taxable at a rate of up to 40%.
Predictably the rules relating to the taxation of gifts and deemed gifts can be complex as can the various relief and allowances available to reduce the impact of IHT. IHT planning is vital if the value of your estate (or your joint estate if you are married or have a civil partner) is greater than £325,000. Specialist advice can enable you to significantly reduce the potential IHT charge arising on your estate thus maximising the wealth within your estate that passes to the next generation and minimising the benefit passing to the Government.
Effective, regular will planning is a must to minimise exposure to IHT so it is important that you seek advice now rather than waiting until IHT becomes more of a pressing issue. Where appropriate we can help you to reduce the value of your taxable estate in an efficient manner and plan for any future IHT charge that will arise.
If you would like to discuss Inheritance Tax or indeed any taxation matters please contact us.
In an era of increasingly harsh penalties for compliance failures and increasing responsiblities being passed to the taxpayer it is more important than ever that tax reporting is completed timeously and accurately. Failure to comply with the legislation can in some cases result in horrendous levels of penalties, as much as 100% of the tax payable plus interest so without detailed knowledge of the tax legislation compliance can be a nightmare.
At JMT, our dedicated team of tax advisers can provide you with advice and services to ensure that you meet all your compliance requirements and remove the administrative burden that would otherwise fall on your shoulders.
Examples of compliance services offered include the following:-
- Completion & submission of Corporation Tax Returns to HMRC along with the necessary supporting documents.
- Notification of all compliance deadlines.
- Considering the application of all possible reliefs and allowances.
- Calculating the amount of Corporation Tax payable and due dates.
- Advice on quarterly Corporation Tax instalments, if required.
- Quarterly CT61 Returns in relation to interest payments made.
- Completion and filing of monthly Construction Industry Scheme return
Employers – P11D Returns
- Identifying benefits and expenses to be reported to HMRC
- Completion and filing of P11D Annual Returns
- Calculating the Class 1A National Insurance liability and due date
- Advising on business expense claims
- Dispensation applications for expenses paid to employees
- Recording systems for expenses payments
Employers:- Payroll RTI Returns
- Completion and filing of monthly EPS/FPS submissions.
- Calculating the tax payable by your employees on their salaries.
- Advising you of payments due to HMRC and due dates.
- Advising on PAYE registration requirements.
- Advising you of your duties under the national minimum wage legislation.
- Advising you on statutory holiday entitlement and holiday pay.
- Assisting you with the calculation of statutory maternity / paternity / adoption pay.
- Administering your Auto Enrolment pension scheme.
We can also offer advice on general employment law matters.
Personal Tax Compliance
- Annual completion and online filing of Self Assessment Tax Returns.
- Calculating your tax liability and any payments on account requirements.
- Reviewing and reducing payments on account where possible.
- Notifying you of all submission deadlines.
- Reviewing PAYE codes to make sure you aren’t paying more tax than you have to.
- Reviewing the availability of possible allowances, reliefs and Tax Credits.
- Capital Gains Tax reporting for chargeable gains.
- Dealing with National Insurance obligations and applications; state pension forecasts.
- Completion of student grant forms and student loan applications.
- Assisting you with the completion of mortgage applications.
- Assisting with Working / Child Tax Credit claims.
If you would like more information on our services or would like our assistance please contact us.
HMRC Tax Investigations
Tax investigations can often be intimidating and extremely stressful so it is important that you seek expert advice as soon as possible to help protect yourself. We have dealt with many clients who have experienced differing levels of tax enquiries or investigations, ranging from Income Tax and VAT, through to PAYE investigations.
There are a number of reasons why HM Revenue & Customs will open an enquiry or investigation into your tax affairs:-
- Random selection
- Business sectors are occasionally targeted as a whole to ensure compliance within that sector.
- Targeted enquiries – HMRC are increasingly using automated software to risk assess Tax Returns that have been submitted using defined criteria. Cases which are scored as having a high risk are much more likely to be targeted for enquiry. The criteria used can range from simple things like low drawings from the business, fluctuations in gross profit percentages, or fluctuations in certain expenses.
- HMRC also have dedicated enquiry teams who perform risk assessment of certain sectors or individual businesses. They have access to a central database containing a wealth of information from a wide variety of different sources which can lead them to target specific individuals or businesses.
HM Revenue & Customs (HMRC) do perform general visits on a routine basis particularly in relation to PAYE and VAT in order to check your compliance with current legislation. Whilst these are not full tax investigations they should be handled with care to minimise any risk of them developing into a full tax investigation.
Whilst you may be capable of dealing with a tax enquiry or investigation yourself we will be happy to get involved and give you the benefit of our experience and make sure that the enquiry is as quick and painless as it can possibly be.
We offer a tax fee protection insurance policy to our clients to provide protection against fee costs incurred in defending against any HMRC enquiry (detailed terms and conditions apply in connection with this insurance cover).
For help and further advice on any aspect of enquiries or tax investigations please contact us.