“In order to stay ahead of competitors, most companies who make products have to innovate to make their product better, cheaper or even brand new.
Check your eligibility to claim R&D tax credits to provide enhanced tax relief for development costs.”
“Many people have more income than they require, but equally have an inheritance tax (IHT) issue which grows year to year as their estate grows.
By making gifts out of surplus income, inheritance tax breaks can be significantly enhanced and stem the growth of IHT exposure.”
“Whilst family trusts can be highly complex and often expensive to administer, when used in the right circumstances they can provide valuable succession support, particularity in relation to asset protection.
If you are considering succession planning, discuss with your tax adviser whether trusts might be a valuable option.”
“If you are building your own property, have you ensured that you have recovered as much of the VAT suffered on your construction costs as possible?
Discuss the position with your accountant to determine your full eligibility to recover VAT, and watch out for the time limits.”
“Employees are a company’s most valuable asset. Selling your shares to your employees through an Employee Ownership Trust (EOT) should be considered as part of any exit strategy as this offers excellent tax breaks and great flexibility.”
“Many personal tax payers have significant income, but have very little scope for reducing their personal tax burden.
With a careful use of pensions, Enterprise Investment Scheme (EIS) or other similar tax efficient investments, you could significantly reduce your tax bill whilst making savings.”
“If you are thinking of selling your business, seek appropriate tax advice as an unclear agenda for why you are selling your business could result in added tax risks and liabilities.”
“Business can often be a mix of trading and investment assets, which are normally best kept apart in good tax planning structures.
If you have a business containing both trading and investment assets, discuss with your tax advisor whether restructuring might give you a better outcome.”
“Before registering for the HMRC initiative, Making Tax Digital, please ensure your software is MTD compliant as this may prevent you from submitting your VAT return as you currently do, including via the HMRC website.”
“Sometimes things evolve over time and lack coherent thought. A root and branches review of your affairs can identify glaring issues.
Every 5 years or so it is right to go back to basics to ensure that your fundamentals continue to be right for your current circumstances.”