Personal/partnership tax returns, tax-efficient extraction of cash from “trading” company into property, Family Investment Companies for passing on wealth, EIS, VCT, SEIS – Investor reliefs, spouse reliefs and many more tax planning ideas we can assist with.
In the course of preparing your tax return we will automatically review your personal tax affairs to ensure you have claimed all the reliefs, allowances and other benefits which are available. We will go even further to highlight areas and issues where your tax affairs could be structured in a more tax-efficient manner. Some of the areas where you might benefit from further advice might include:
Tax planning services:
- Inheritance tax advice dealing with certain exempt lifetime gifts, passing on assets such as property, the rules for non-domiciliaries and those deemed domiciled and a host of other areas providing planning opportunities (Business Property Relief).
- Family tax planning such as diverting income to the spouse, sheltering capital gains within the family or protecting the CGT exemption on your home if it is being let out or used for business purposes.
- Tax effective ways to build up a portfolio of assets such as buy-to-let properties.
- Incorporation of rental portfolios currently held by individuals in order to reduce the impact of the abolishing of interest tax relief.
- Extracting “surplus” cash from a company prior to sale to maximise Entrepreneur’s Relief and for tax-free withdrawal of “dividends” for investments in say property or shares.
- Reviewing the tax-effectiveness of pension schemes.
- Assessing whether tax savings can be achieved via tax-efficient investments such as Enterprise Investment Schemes, VCTs and other tax shelters.
- For employed persons, we could review whether benefits, allowances and expenses deductions could be structured in a more tax-efficient manner.
- UK resident “non-doms”: tax-free commercial investment into UK, Business Investment Relief, Remittance Basis Charge, etc.
- Using Family Investment Companies (FIC) to benefit from the lower rates of corporation tax on investment income compared to higher income tax rates when investments are held personally.
- Tax planning using Offshore Bonds and releasing tax-free income.
- Using Family Investment Partnerships (FIP) as an alternative to trusts to avoid a 20% IHT entry charge over any available Nil Rate Band. Using the “tax-transparent” nature of a partnership for planning purposes.
- Using Family Limited Partnerships (FLP) for tax-efficient property investment and for IHT and CGT planning.
- Structuring the ownership and passing of wealth to future generations by using various combinations of different types of entities (companies, partnerships and trusts):
– Using companies along with trusts to structure for passing wealth to grandchildren and future generations.
– Partnerships (with corporate partners) holding assets such as property or assets used in a business to maximise various business tax reliefs.
– Trusts, having separate legal and beneficial ownership, providing asset protection and IHT savings.
We offer tailor-made advice to suit your personal situation and individual requirements. We can assist in both tax planning matters some of which are illustrated above as well as tax compliance services such as those below:
Tax compliance services
- Preparation and filing of self-assessment personal income tax returns (SA100) including supplementary pages for employees or company directors (SA102), self-employed (SA103), business partnerships (SA104), property income (SA105), foreign income (SA106), capital gains (SA108), non-UK residents/ dual residents (SA109), etc.
- Partnership tax returns (SA800)
- Trust & estate tax returns (SA900).
- Preparation of lettings statements for tax return purposes including the land & property pages of the tax return.
- For non-resident landlords and lettings agents full property compliance services including SA700 income tax returns for overseas companies and Non-Resident Landlord returns and applications (NRL1, 2 & 3) to receive rents “gross” of income tax.
- Various stamp duty return forms & services.
- Trustees of registered pension schemes (SA970).
Please contact us for full details of our income tax compliance services.