Taxation – Planning
Without doubt, this is the key area in the work that we do, and the question that we get asked the most is how to reduce the tax you pay. We can offer specialist tax planning based upon your personal circumstances and current tax legislation.
The majority of clients are affected by income tax and it is important to plan both to minimise this and for the payments that will be due. Whether you are a sole trader or a private client, you need to plan to save tax where you can and we can help with this.
Capital Gains Tax
Capital Gains Tax (CGT) applies where you sell or gift an asset of value, for example a business, a property or an antique. Some assets are exempt from CGT and some have effective rates of tax; some are not chargeable dependent upon whom they are gifted to.
If you are planning to dispose of an asset, it is important to plan both how you do this and when you do this to maximise the potential reliefs that may be available for CGT. We can help you with this.
Inheritance Tax
The only certainty in life is that we will all eventually die. For many of us, we will leave behind an estate that is subject to Inheritance Tax (IHT) at 40% of the value of the estate. Whilst IHT is a complex tax, it is possible to plan carefully to minimise tax payable upon death. Our team can help you to do this.
Corporation Tax
Limited companies are liable to corporation tax on profits made. There are various methods for legitimately minimising this. Talk to us for further advice.
VAT
Whilst this tax is more tricky to plan around, it can impact on both the individual and the business and it is worth including this in any tax planning you are doing. It can appear in areas where we would not expect as either a cost or an income. Please talk to us before you plan an activity to see if VAT will be affected.
Stamp Duty
Another often forgotten tax is Stamp Duty which can be incurred upon the sale of land and buildings or share capital. Please speak to us if you plan to sell such assets.