“We have just completed a long running enquiry with HMRC where the outcome for our client was excellent.
The original advice had been well thought out and researched, and in the early stages of the enquiry, we ensured that a friendly, co-operative relationship was struck with HMRC. In the long run, we stood our ground on key areas and HMRC agreed with our position.”
“Did you know that your personal pension scheme can own, and rent out commercial property?
Your pension scheme pays no Income Tax on rent received nor Capital Gains Tax in the event of a profitable sale.”
“When trading overseas, whether you sell products or services, ensure you have taken advice on your tax position.
Trading internationally can be a VAT compliance minefield, so always seek advice.”
“Subject to certain limits, personal pension contributions can achieve high levels of additional tax relief, thereby cutting your annual tax bill.”
“By using the VAT Flat Rate Scheme, some smaller businesses can benefit from paying a lower percentage of VAT to HMRC.
For example, a self-catering accommodation business that charges customers the standard rate of 20% only has to pay HMRC 10.5%, therefore retaining 9.5% of the difference. This mainly suits businesses with low operating costs as no VAT can be reclaimed on business expenses.”
“If you intend to leave the UK to live and work overseas, then you should consider if any pre planning is required as a result of that decision.
Careful planning may open up opportunities for valuable tax savings.”
“Can you honestly say that you understand your business set up? If not, make sure you take advice to ensure the principles of simplicity are not forgotten.
Managing the day to day running of your business can take away from the actual business. We can assist you with the financial and operational side so that you can focus your efforts on what’s important to you and your business.”
“Building new commercial premises?
Before the project is underway, please speak with our Commercial Property Taxperts who are well versed in securing excellent levels of tax relief against these costs.”
“With the Annual Investment Allowance (AIA) for capital allowances extended until 31 March 2023, businesses should plan their capital expenditure over the next 11 months to maximise the 100% tax relief available for qualifying expenditure.”
“Particularly in the last couple of years, we have noticed a huge increase in erroneous coding notices being issued by HMRC.
Do not assume that, just because the code comes from HMRC that it is correctly calculated. Always check your code to ensure you are being taxed appropriately.”