Tax Planning

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:

Some of these services will be provided in association with our subsidiary business, Whiting & Partners 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. 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.



 
Latest Blogs in Tax Planning
 
Victoria Stokes
15th October 2018 Preserve your wealth

Discover how to manage your wealth effectively at our annual event led by our wealth management and tax experts. There will be three presentations followed by a light lunch – a great networking opportunity. Tax planning tips & traps Barbara Nicholas, Tax Partner at Whiting & Partners  Passing on Wealth – How hard can it…

Read More »

Ian Piper
26th September 2018 TechCos: Preserve ER with new tax election

Those companies that continually go through funding rounds, such as your typical techco start-up, should be aware that HMRC are introducing a new tax election wef 6-Apr-19: Proposed legislation contained within the Finance Bill 2018 This election will allow shareholders who hold at least 5% of the company on 6 April 2019, and who are…

Read More »

Jodie Tarbin
11th June 2018 Changes ahead for CGT payment

HM Revenue & Customs is proposing, in less than two years’ time, to rewrite the rules around Capital Gains Tax, CGT, following the disposal of a residential property. The current timescale for payment is going to be slashed to 30-days. From April 6 2020, a payment-on-account of CGT, will be required following the sale of…

Read More »

Lisa Mason
8th January 2018 HMRC – Appeals

  HMRC has updated the postal address for where to send grounds for appeal if you have not paid your PAYE and National Insurance contributions on time. The address that should now be used is: DM PAYE Late Payment Penalties HM Revenue  and Customs BX9 1EW HMRC will charge penalties if more than one of…

Read More »

Neil Groom
18th December 2017 Trust Tax Demand errors

  HMRC are now issuing statements to taxpayers ahead of the 31 January 2018 tax payment deadline.   Unfortunately, for a large number  of trust taxpayers, HMRC’s calculation and statement is incorrect, resulting in HMRC demanding an incorrect amount.   HMRC’s Nottingham Trusts district is apparently aware of this issue, and is currently having to…

Read More »

Ruth Pearson
5th December 2017 Tax implications for employee gifting

Some employers like to give their employees a small gift at this time of year. A tax exemption applies giving employers reassurance that the benefits provided are exempt and won’t result in a reportable employee benefit. To ensure the benefit is exempt, the following conditions must be met:- The cost of the benefit does not…

Read More »

James Cater
30th October 2017 Changes for Farmers in VAT flat rate scheme

  The decision has recently been published in a European Court of Justice case, Shields and Sons Partnership v the Commissioners for HM Revenue & Customs. The case revolved around the authority of HMRC to remove the partnership from the VAT flat rate scheme for farmers. It is reported that the partnership had benefited over…

Read More »

Vanessa Pearson
26th October 2017 Is there such a thing as “free” software?

  Cloud software providers FreeAgent have been in partnership with Natwest and Royal Bank of Scotland for some months now. Small business customers of these banks are offered the software for free, and are being advised there are host of benefits such as forecasting and simplifying tax.   But is there a downside to this?…

Read More »

Ian Piper
7th September 2017 R&D Tax Relief: HMRC closes loophole.

Companies that are developing innovative new products, services or systems have long understood the generosity of the R&D tax relief rules. These give a notional 130% uplift to eligible costs in the company’s corporation tax computation. Such eligible costs include ‘employee costs’, which hitherto has included all ‘reimbursed expenses’. This has always seemed overly generous…

Read More »

Barbara Nicholas
31st August 2017 Inheritance Tax – new exemption for residences

For deaths occurring on or after 6 April 2017, an additional exemption is available where a residence passes to a direct descendant.  At the moment, this amounts to £100,000 but it’s set to increase over the next few years, to a maximum of £175,000 in April 2020.  Commonly known as the Residence Nil Rate Band…

Read More »