Tax will be an ever-present issue throughout the lifetime of your business from its initial set-up through to it being passed down to the next generation, sold or wound-up. Business taxation is constantly changing and it is becoming increasingly difficult for business owners to keep on track with their businesses’ tax compliance and reporting obligations.
The proper management of your business’s tax affairs combined with pro-active tax planning could play a significant part in its future success. Our tax specialists (including six chartered tax advisers) and Accounts and Business Support team are here to help support you and your business through every stage of its evolution.
With a new business idea, we help it take root and grow. We are able to provide specialist tax advice on the various types of business structure you could adopt (e.g. sole-trader, limited company, general partnership, limited liability partnership, etc..) and also the ownership of the business.
Our tax specialists are able to provide you with pro-active planning advice on the acquisition, ownership and disposal of any type of assets by your business. The best time to seek advice is at the start of a transaction or project in order to maximise the potential options and resulting tax benefits.
We are able to advise you on the tax-efficient extraction of profits from your business and also on effective remuneration planning to help retain, incentivise and reward your employees.
The transfer, sale or winding-up of your business could trigger substantial tax charges. Effective tax planning advice could reduce, defer or even eliminate any tax liability.
We are able to provide you with advice on how to maximise the availability of certain tax reliefs on the disposal of your business, including the effective use of capital gains tax (CGT) entrepreneur’s relief, rollover relief and reinvestment relief depending on your business and personal circumstances.
How can we help?
The property tax system is ever more at the forefront of political debate as both the Scottish and UK Governments seek to increase tax revenue, slow down the property market and encourage wider property ownership. The introduction of new property taxes such as land and buildings transaction tax (LBTT) in Scotland from 1 April 2015 coupled with the new LBTT/SDLT rates applicable to second homes make it more challenging than ever to clearly establish the actual tax implications of even the most straightforward of property transactions.
Our property tax specialists aim to provide you with a clear path through this ever-changing landscape by clearly explaining the tax implications of any proposed property transaction and setting out the best options and reliefs available to you. Simple and effective planning advice at the outset of a transaction can help ensure your minimise the tax exposure and associated costs while maximising the benefits of your property ownership.
We are able to ensure that you are fully aware of the tax compliance and reporting requirements involved in the acquisition, ownership and disposal of any property interests and relieve you of the burden of filing the appropriate tax returns.
Business taxes are complex waters to navigate, particularly through times of growth and change in your businesses. Our experienced tax and accounting practitioners can offer practical advice and guidance on a wide range of tax issues to help you make the best decisions to help in the future success of your business.
Our aim is to provide you with peace of mind by giving you certainty on the level and timing of your tax liabilities while relieving you of the ongoing burden of completing tax returns (e.g. VAT returns, self-assessment, partnership and corporation tax returns).
Remuneration planning is an essential element in attracting, retaining, incentivising and rewarding key employees that are potentially critical to the ongoing success of your business.
We are able to provide guidance on the tax implications of entering into contracts of service (i.e. employee) and contracts for service (i.e. contractor). Our team of specialists also provide specialist advice on the tax and other implications of various forms of remuneration packages including, for example, salaries, bonuses, performance related pay, benefits in kind, beneficial loans and share schemes.
HMRC are also starting to look more closely at the tax treatment of payments made in relation to the termination of an employee’s employment. We are able to provide advice on the tax implications and potential structuring of termination payments.
Accounts & Business Support
Our Accounts and Business Support team understand business. The team offer a wide range of services across a broad spectrum of business activities, including:
- Preparation of accounts for all types of businesses including sole-traders, partnerships, LLPs, companies, charities, trusts, investment property portfolios , executries, etc..
- Preparation of business plans and cash-flow projections and other financial management information.
- Practical advice on the use of accounting systems and records.
- VAT registration and completion and filing of quarterly returns.
- Payroll services.
- Financial manager for individual clients in order to help look after their day to day affairs. This includes specially tailored services for elderly and/or vulnerable clients.
- Financial administration for a range of organisations including charities.
The team can provide you with practical support and guidance for the long-term benefit of your business.