Latest Tax Planning

EMI Share Options: the tax advantages. Enterprise Management Incentives (EMI) are a tax advantaged share option scheme that can be used to provide an incentive to key staff. The key tax advantage of EMI options in most cases is that no income tax or national insurance will be payable on the exercise of the option. The…

As long as we both shall live: I promise to share my personal allowance with you.. From April 2015, Finance Act 2014 allows spouses and civil partners who cannot claim the married couples allowance (therefore those born on or after 6 April 1935) to transfer a fixed amount of their personal allowance to each other to…

There are many attractive tax saving, asset protection and wealth creation features of owning commercial property within your own pension scheme. Along with other relevant professionals, including advisers from Whitings Wealth Management, we can assist in setting up and providing ongoing support services for the following types of pension scheme: SSAS’s – Small self administered…

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

The Start of the New Tax Year is the time for OMB’s to revise their Tax Strategy. As another new tax year begins, business owner managers should review and revise their combined business and personal tax strategy: OMB Strategies 2013-14 Depending upon how much profit the business generates, whether or not your spouse is involved in…

Most popular current tax strategies for SME businesses: Remuneration ‘Minimum’ salary, balance as dividends, to avoid NIC. Manage income below higher rate tax threshold, to avoid 40% income tax . Manager income below £100k, to avoid 60% income tax trap. Salary sacrifice with employer pension contributions, childcare vouchers and other non-taxable benefits in kind Business…

Maximise R&D Tax Relief Claims. With the ability to now claim 225% tax relief on eligible costs, those making such R&D claims will need no convincing of the merits of including as much as possible within the claim. Areas, often over-looked, where this claim can be increased include: Claiming relief on all reimbursed expenses paid…

Selling Your Business on Retirement: There is an Alternative. You’ve spent a lifetime building up your business, the thought on retirement of selling out to your business rivals may be unpalatable and selling to you own management team may not be feasible; there is an alternative. Allowing your staff to take ownership through a phased transition…

Updated: 8th July 2025 Reviewing business finances just before the year end, then taking actions to influence how the year end results will look, should be a key element of the annual financial management routine for larger more pro-active businesses.   Although corporation tax reduction is usually the key aim of most company pre year end…