Tax Advice

No one wants to pay any more than they have to, especially when despite whatever you hear on the television or read in the popular press there are many legitimate means of planning your tax affairs, from annual income or corporation tax payments to inherence tax for the longer term.

Business Structure

It all starts with making sure that you have the right business structure. Should you be set up as a sole trader, a partnership or be operating through a limited company? An LLP perhaps? Or maybe you need a group of companies for your various business interests?

And just as hopefully your business development will be dynamic, your structure should be regularly reviewed to see that it remains appropriate for you.

Remuneration and profit extraction

What is the best way for you to be paid by your own limited company so that you retain as much as possible of the wealth you have created? Whilst remaining compliant, of course.

Should my car be on or off the books is a question our tax team is regularly asked and to which we will provide you with a tailored answer.

Capital Gains Tax planning

Capital Gains Tax (CGT) can be a relatively generous way of paying tax when it comes to selling all or part of your business. With a tax rate of 10% by claiming entrepreneur's relief, it means you can sell your business, keep 90% or more of what you’ve made and sleep at night. But often an exit of this nature requires careful planning before the event in order to ensure that all the qualifying conditions are met.

Maybe it’s a property you are selling, in which case you’ll need advice on the reliefs available if you have lived there at any stage. In certain circumstances payment of CGT can be deferred by claiming holdover or similar relief. Again it doesn’t happen automatically or without proper planning, so early input from us is essential.

Inheritance Tax Planning

You can’t take it with you and the government will have one last go at extracting tax from you via your estate. So the trick is to make sure that your affairs are planned such that there is a tax efficient approach to what you give away in your lifetime and what is left in your estate when you die. Everyone should have a will – that’s the place to start - and we will help you to plan a tax effective one. Thereafter there are a number of options including lifetime gifts, use of trusts and business reliefs.

You’ve worked hard to create your wealth. It's no use to you when you're not here any more, but your family and dependants will thank you for having consulted Andorran to ensure that HMRC’s share of your estate is no more than it has to be. Don't fall into the trap of thinking that this planning is only for those of a certain age. You never know when life is going to deal its cruelest blow and you need your financial affairs to be in order at any time.

Enquiries and Investigations

Tax is a self-assessment. You tell HMRC, with our help, how much tax you are due to pay and settle those liabilities on the due dates. HMRC’s only right is to challenge what you submit.

They do this in two ways - enquiry visits and investigations. Enquiry visits examine your compliance with VAT, PAYE and CIS and are always nervous occasions, however good you consider your records to be. We can help you plan your visit, support you whilst it is going on and deal with any queries remaining at the end of it.

Investigations are carried out into your tax returns, company or personal. They may involve either certain aspects of your return only or HMRC may demand to see all of the records that support your return. Either way it's an uncomfortable exercise and we will help you to achieve the best outcome possible for you and your business.

Tax Efficient investments

Employee share schemes and share options are designed to be a useful tool in motivating key staff and attracting new recruits to the business. Whilst there are a number of schemes available, only a handful are tax efficient, with the most common being enterprise management incentive (EMI) schemes.

We will help you identify the most efficient scheme for your circumstances, design the rules of the scheme with you, help with a business valuation, agree it with HMRC and assist in preparation of all the paperwork.

Some companies offer the opportunity for risk-based investments for which the government gives you tax relief under income tax and CGT rules for the amount you subscribe. We will help you with any of this documentation and to claim the tax reliefs to which you are entitled as a result.

Next Step:

Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.