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Tax Planning Posts

Thursday July 24, 2014 at 5:12pm
I’ve always been a fan of Venture Capital Trusts (VCT) and Enterprise Investment Schemes (EIS).Once you realise they offer 30% tax relief, tax free dividends and tax free growth who wouldn’t be? Unfortunately, HMRC has just woken up to the low risk nature of some of the underlying investments. It’s not too late however if you want to take advantage of these benefits.How EIS investment worksLet’s say you invest £10,000 into EIS, you will receive tax relief of £....
Tuesday July 15, 2014 at 2:43pm
Against the press doom and gloom of forwarder payments there has been some good news from the courts last week on the Glasgow Rangers Employee Benefit Trust case. Following an HMRC appeal of an earlier Tribunal verdict, the Upper Tribunal have now ruled in favour of Glasgow Rangers. It’s been described as a comprehensive defeat for HMRC and although HMRC may appeal again it is difficult to see on what grounds. As we have said all along the case law on employer trusts has been in the tax pa....
Thursday June 19, 2014 at 1:29pm
It is not uncommon to come across successful companies with large bank balances. If the owners do not have any immediate use for the money they will avoid paying income tax of between 25% and 32% on dividend and simply leave the money in the company. Sounds a good plan but our advice is always to hold sufficient money in the company to support working capital and do something with the rest. This blog gives you three compelling reasons not to hold more cash than you need in your limited company.H....
Wednesday April 9, 2014 at 5:36pm
You may have seen in the March 2014 budget that HMRC’s consultation document on Tackling Marketed Tax Avoidance has passed to MP’s to consider as part of the next Finance Act. Although it is expected their proposals will be much watered down when they form part of the tax legislation I thought I would share my views on how the current proposals would play out if enacted in full. What has HMRC proposed? HMRC has proposed that companies that have undertaken tax avoidance strategies t....
Thursday March 6, 2014 at 10:00am
With the 2013-14 tax year less than a month away and the budget just around the corner there are a few things you can still do to shelter your income and savings from tax charges. Here are just some of the tax saving tips we’re discussing with higher earners right now. Pensions – keep an eye on your lifetime allowanceYou’d expect me to suggest that you look to maximize the tax advantages of pension savings by investing into your personal pension. That’s true for those ....
Tuesday February 18, 2014 at 10:35am
It sounds odd doesn’t it, pay less tax and yet increase the overall amount of tax collected. Well this concept is well known in economics and is known as the “trickle-down effect”. The idea is that economic policies that help the wealthy then trickle down to everyone else. As business is the only real driver of the economy, because this actually creates employment that generates growth, helps business and you help everyone.By reducing taxes for business and the people who run t....
Thursday January 16, 2014 at 10:00am
Recent legislation makes saving tax using limited liability partnerships less likely and those who have structured their business in a way that might have been acceptable 12 months ago could find themselves with substantially higher tax to pay. Here’s why. Mixed partnerships The partnership model is a very familiar one to those in professional services firms. More recently Limited Liability Partnership (LLPs) set up with say two partners have been used as a vehicle to minimise the tax pai....
Thursday March 21, 2013 at 10:00am
With the budget putting a focus on tax and HMRC in the news, now is probably as good a time as any to look at some of the news affecting the tax collector and the tax payer in the UK. Barclays stops offering tax advice: Barclays always seems to court controversy; from banking pre apartheid South Africa, to aggressive pricing and bonuses and now the closure of their tax structuring unit which advised companies on using complex structures to reduce tax liabilities. No doubt a sign of the times as....
Thursday July 26, 2012 at 10:00am
In his budget earlier in the year chancellor George Osborne announced a controversial cut in the top rate of income tax from 50% to 45%. If you are affected by this change you may need to act now to get maximum tax saving advantage. It may seem early to consider this, in view of the reduction not taking effect until the 2013/14 tax year, but that depends on your circumstances. The scope for deferring income and/or accelerating expenditure can require a long lead-in time. In addition, if profit....
Thursday June 21, 2012 at 1:32pm
The reality of tax avoidance for many small business owners is very different to the headline hitting experience of Jimmy Carr. Owning and running a business is tough. I say this from a lifetime of working with business owners. Even the good times are not immediately obvious, it is only by comparing them to the really hard times you realise things are not so bad. Small business faces huge competition, that’s the way a capitalist society works. We do not have professions sheltered from co....
Thursday June 7, 2012 at 10:00am
£12.6 billion – that’s apparently the amount wasted by UK tax payers who fail to take advantage of tax reliefs and benefits. What a staggering figure, and maybe because it’s such a large number it’s just too easy to fail to see how it relates to your personal tax position. Well, just by taking a few examples you’ll start to see how tax savings can really add up. Personal allowances – if you are a married couple with one earning significantly more than ....
Wednesday March 21, 2012 at 9:31am
The news today is all about the budget. As promised in previous statements the BBC is reporting that the Chancellor will increase the personal allowance to £9,205, which might sound like good news but, read on. The personal allowance trap is the little-known area of income tax quicksand, which progressively drags you under once your income exceeds £100,000. It creates a situation where individuals pay 60% income tax on some of their income. How can this happen? It’s all down ....
Friday February 17, 2012 at 9:00am
Being in business is about facing challenges. You may have devised a growth strategy and know where you hope to be in, say, three years' time. But even the best strategy has two shadows looming over it: a struggling economy and the government. Broadly speaking, you can do little about the state of the economy. At best, you should remain positive and continue looking for opportunities. The shadow the government casts is a different matter. Government policies or inaction can hold you back. What y....
Thursday September 8, 2011 at 6:46pm
It is always frustrating when a client tells me of a financial transaction they have just completed without thinking to consider the tax implications first. In many ways it is not unreasonable for clients to assume that the transaction they are undertaking is straightforward and nothing can be done to improve it. However, there are a surprising number of ways to reduce tax that most people would know nothing about. Here are some examples: Mitigate stamp duty* on property purchases It is legall....
Friday August 19, 2011 at 2:47pm
Since the Finance Act receiving Royal Ascent on 19th July 2011 there’s been something of a rush in some quarters to check the effects on tax planning advice and tax planning schemes. Luckily the two leading UK providers of tax planning services that we work with were well ahead of the game and we’re able to talk with confidence to clients about our current tax planning options. It did set me thinking however about how individuals and business owners can be sure they are getting the ....
Thursday July 21, 2011 at 9:00am
You may have read about the tax planning carried out by UK PLCs to reduce their corporation tax bill and thought 'Why can't we do that?' Well, maybe you can. You may not be able (or want) to commit to some of the cross border tax planning strategies that a much bigger, global business can. But there are simple tax planning strategies available to pretty much any business. Firstly check whether you are making the most of your legitimate corporate tax reducing opportunities and, at the same time....
Thursday July 14, 2011 at 9:00am
This blog was written in 2011. The information contained is no longer current but has been left intact as a part of our blog history. We can and frequently do help clients to mitigate Stamp Duty on purchase of a home or commercial premises. But when it comes to avoiding the Inheritance Tax (IHT) payable on the home on death, many clients seem to think there’s little they can do. With the rise in property prices and Inheritance Tax thresholds at £325,000 per person once the home is ad....
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