Specialist Tax Planning

We live in a world of complex and ever-changing tax legislation, in which making the most of your money and achieving your financial goals requires careful planning and expert advice.

Through tax and financial planning it may be possible to lower and defer the tax you pay, enabling you to free up cash for business or personal purposes and provide long-term financial security for you and your family.

This guide introduces some of the key areas to consider when planning to maximise your business and personal wealth, although your exact requirements will depend on your individual circumstances. Please contact us for one-to-one advice tailored to your needs.

Riding the economic storm…

Following a turbulent year, an ongoing crisis in the eurozone, and with the gloomy economic outlook set to continue, having in place effective tax and financial planning strategies for yourself and your business is more important than ever.

Even in the current economic climate, measures can be put in place now that will help to maximise your income and protect your wealth, improving financial security for you and your loved ones into the future.

Boosting your business finances

A robust tax planning strategy is an essential part of running a successful business, and this is especially the case in times of economic difficulty.

Your tax-efficient planning strategy should include such areas as:

  • Choosing the right business structure
  • Making the most of allowances and reliefs
  • Claiming tax deductible expenses
  • Choosing a year end
  • Reducing your capital gains tax (CGT) liability
  • The role of family members in the business
  • Exiting your business.

Protecting your personal wealth

Proper tax planning can also have a significant impact on your personal wealth. We can help to ensure that your regular income is not being unnecessarily eroded by taxes, and that your personal wealth is protected as much as possible from more periodic taxes, such as inheritance tax (IHT) and CGT.

Areas to consider include:

  • Estate and inheritance tax planning
  • Remuneration strategies
  • Extracting profit from your business
  • Retirement planning
  • Tax-efficient gifting strategies.

Tax reliefs

From 1 April 2015 there is one rate of corporation tax for all companies which is 20% with no small company rate, removing the need for marginal rate calculations.

The additional corporation tax deduction given to small and medium-sized businesses for qualifying research and development expenditure has also risen to 130% in respect of expenditure incurred on or after 1 April 2015.

Meanwhile, the small business rate relief 'holiday' has been extended to April 2016.  Contact your local council for further details.

We can help with all of your tax and financial planning needs.

Please contact us for a strategic review of your finances.

For more information please contact Iain Sim or Gill Groom.

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