Tax Saving Strategies
There are many ways you can legitimately reduce your tax bill and we will advise you on the most appropriate strategy and the amount of tax saving that can be achieved. Successful tax planning requires choosing the appropriate method for achieving the aim, getting the timing right and preparing the documentation to evidence the transaction or claim.
For self-employed individuals working as sole traders or partnerships, it may be advantageous to bring in a new partner, change the financial year-end or incorporate the business. Incorporation may enable the business owners to draw tax-free money from the new company.
The method by which funds are extracted from a limited company affects the total tax bill. Funds can be extracted by additional salary for Directors or alternatively, dividends to the Shareholders who may well be company Directors.
If business property is owned by the Shareholders or Directors, they can charge rent to their company and this may be an appropriate way of extracting funds.
Our personal income tax planning services include the provision of advice to individuals who are not domiciled in the UK. If they have assets or income from overseas, we can advise as to whether their affairs need to be reorganised or any other action is needed to manage their taxation liability.
We also offer Capital Gains Tax, Inheritance Tax and VAT planning services.