Taxation

These days, many consider tax mitigation unethical.

HM Revenue & Customs propaganda and a propensity for creating retrospective legislation to counter certain tax planning fuel this. Whilst it is still perfectly legal to mitigate your tax liabilities, care needs to be taken to ensure it is not considered to be aggressive.

Corporation tax will represent a substantial cost to any profitable business, not only in terms of the tax itself but also in compliance with reporting obligations, investigations with tax authorities and penalties for non-compliance. This will only get worse as tax rates rise in 2023.

We can help you minimise your corporation tax payments and relieve you of any administrative burden of complying with tax legislation.

We will deal with all business tax matters, including preparing corporation tax computations and preparing and submitting your corporation tax self-assessment return using the required filing protocols.

Personal tax compliance work forms a significant part of the advice given to clients. As well as dealing with our business clients tax affairs, we also look after a number of personal tax only clients, including directors of major public companies and individuals working offshore.

We also deal with a number of Trusts and assist in all necessary tax work in these complex areas.

Trusts are often considered complex vehicles reserved for the rich but they can also be useful tools to help individuals secure assets for future generations and can add a degree of flexibility to financial wealth and inheritance tax planning.

We work with specialist legal partners who prepare bespoke trusts to suit your specific needs.

A Taxation story

We were approached by a couple who had inadvertently not declared income from foreign investments. We were able to work with the client to declare the missing income to HMRC using one of their Overseas Income Disclosure schemes as a basis for settlement. We even managed to persuade HMRC that the income was joint even though the account was only in the husband’s name, which was unusual hence our stance. Normally these schemes, not only is the tax and interest on the arrears due, but HMRC normally require a minimum of a 10% or even 20% tax geared penalty. By providing a detailed summary of the missing income and computing the tax and interest due as well, we finally agreed a figure that included a penalty of around 8% overall saving the clients over £4,100 in penalties alone.

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Feel free to get in touch with us any time.