Traditionally, tax planning is the service clients most like to receive and the most satisfying for us to deliver. Typical areas where a little prior tax planning can result in minimising your overall tax leakage are:
- Inheritance Tax:
- Will drafting,
- Lifetime gifts,
- Transferring assets into trust.
- Restructuring shareholdings.
- Deathbed planning.
- Capital gains tax:
- Income tax/NIC:
- Remuneration planning for the SME owner manager,
- Holding investments in tax efficient ISA/Pension/SPV ‘wrappers’,
- Business use of vehicles,
- Pensions and retirement.
- Corporation Tax:
- Transaction structuring,
- Delaying VAT payment to HMRC.
Some of these tax planning services will be provided in association with our subsidiary business, Whitings Wealth Management Limited.
Agreeing your business tax liabilities with HMRC is principally achieved by completing and submitting the relevant ‘self assessment’ tax return. Clients who are fearful that this ‘disclosure’ may be investigated by HMRC may wish to consider taking out our tax investigation insurance.
The best tax planning advice has to be to pay the correct (minimum) amount of tax, at the correct time, disclosed through the correct mechanism (minimising the risk of an HMRC enquiry). Instruct our tax specialists to act in your best interests and ensure that you could not be structuring your affairs in a more tax efficient manner.