Tax Planning
We believe that tax planning is personal and take time to understand the on-going objectives of our clients. Guided by our expertise, we’ll help you put in place robust solutions to minimise tax obligations.
Our Advance Clearance Procedure from HMRC, enables us to offer a comprehensive service, with complete peace of mind.
Did you know that the average sole trader can save in the region of £4,000 by incorporating their business? We do and we advise clients every day on the best structure for their business.
One of the most frequently asked questions we receive is how to determine the appropriate Corporate structure for a business. There are numerous different structures available for a business, including working as an individual sole trader, in partnership, as an unincorporated association (in the case of non-profit groups), or establishing an organisation to run your business as a Limited company.
While the numerous options available within these corporate structures often make it even harder to decide the best path for your business, Tearle & Carver can provide expert advice on your corporate structure in areas including:
- How to achieve optimal tax savings for your particular business
- The benefits of introducing holding companies or de-mergers, where appropriate
- Proactive advice on changes to your structure- what you choose today may not be the best option tomorrow
We regularly review our clients assets to protect them against avoidable capital gains tax liabilities
Capital Gains Tax is a tax on the profit made in the sale, transfer, compensation for, or exchange of any asset that has increased in value. This means that it’s the gain you make that is taxed, not the total amount. It is a tax planning area a person or business must not underestimate. Our services can ensure you do not pay too much tax in this area by taking advantage of the following possible reliefs:
- Entrepreneur’s relief
- Gift Hold over relief
- Business asset roll over relief
Your business could be eligible for the Flat Rate VAT scheme, simplifying returns and could significantly reduce your VAT liability by as much as £5,000 pa
Over the years, Tearle & Carver have developed vast experience in providing innovative, practical, and effective solutions to VAT issues and opportunities. By assessing your current VAT procedures and system, our VAT health check offers benefits which include:
- Identifying missed opportunities in order to claim back overpaid VAT
- Ensuring you are charging the correct VAT on your sales
- Improve your cash-flow by checking that you use the optimal VAT scheme for your business
- Ensure that you are fully compliant with HMRC’s complex rules and regulations
- Pinpoint any areas of concern or weaknesses
We recognise that’s is very easy to reach the threshold for IHT and regularly put tax planning in place for our clients
Trusts need not be complicated and expensive to run. They are a very effective way of protecting family wealth and offer a number of tax advantages.
If you want to give away assets to a family member, you can ensure the capital is protected whilst still enjoying the income and assets for life. With our wealth planning service you can take advantage of many flexibilities and maximise after tax income.
The areas we cover include:
- Annual inheritance Tax review and planning
- Review your existing trusts
- Advise on the setting up of new trusts
- Advise on the obligations of Trustees and Beneficiaries
- Trust accounts and record keeping
- Day to day administration
- The 10 year charge
- Tax implications of the distributions of Income and Capital
EIS schemes are particularly valuable to smaller businesses seeking external funding. We have the know-how to put these schemes in place
It is more difficult than ever for businesses to raise finance via traditional means such as bank borrowing.
Designed to help small, early-stage companies to raise finance, Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) offer tax relief to individual investors who purchase new shares in qualifying companies. These EIS and SEIS associated tax reliefs can therefore make start-ups and high risk companies a much more attractive proposition for investors, making it possible to raise finance via external business angels.
With Tearle & Carver’s expert knowledge, you can be sure to maximise your chances of securing external finance. Our SEIS and EIS Scheme services include:
- drafting qualifying Information Memorandums
- Business start-up support
- Tax optimisation as required
- Seamless technical service delivered through our collaboration with Avidity-IP Ltd
* All intellectual property (IP) and technical services are provided through our collaboration with Avidity IP Limited – a UK company regulated by IP-Reg and a member of the Chartered Institute of Patent Attorneys.
With you for the journey
We help navigate your way through the complex world of share option schemes and the raft of legislation, so you can attract and retain key talent in your business.
The current economic environment of falling unemployment means there is increased competition for the best employees, therefore it is more important than ever to retain the staff you want to keep.
Retaining key employees within your business has direct effect on:
- Maintaining key client relations
- Providing a top end service
- Maximising profitability
Share option schemes can be a better and more affordable proposition than a salary increase, with the added effect of long term retention of key staff.
We can advise on the various schemes that exist and getting advance clearance from HMRC on your behalf.
Why not give us a call to find out if you can take advantage of the following approved schemes that give the most tax benefits:
- Save As You Earn – Employee saves monthly from net income and has option to purchase shares at fixed price at end of scheme or take savings with tax free bonus
- Share Incentive Plan – Employer can use up to 4 different ways of providing shares (not options) to employees: Free, purchased out of gross salary, employer gift, reinvestment of dividends
- Company Share Options Plan / Enterprise Management Incentives – Award of share options to key employees only.
By utilising the capital allowances locked up in your commercial property, substantial tax savings can be achieve. Our expert advisors work on a no win, no fee basis.
Capital allowances provide tax relief for owners of commercial property, and can be claimed on a range of property features including electrical and lighting systems, cold water systems, ventilation systems, lifts, and escalators.
Following the Finance Act 2012, which introduced some critical changes to how Capital Allowances are identified, these valuable tax reliefs can be lost for good if not agreed between the seller and buyer when the commercial property changes hands.
Although there is a two year window in which to submit a joint election between the purchaser and seller (or, in the case of dispute, an application for a tribunal), failure to do so can have long term consequences. Impacting both the immediate purchase and any subsequent resale, the inability to claim capital allowances in the future may reduce the value of a property.
Unless the correct procedures are taken, not only will capital allowances be lost for the buyer, they will be lost forever.
Tearle & Carver, through collaboration with experts Exact Business Taxation Services Ltd, now offer specialist guidance relating to Capital Allowances. These services include:
Advice on all matters regarding Capital Allowances for commercial and furnished holiday let properties
- Combined knowledge of the complexities of Tax Legislation and a specialist experience in surveying
- Providing a legitimate means of reducing your tax bill by ensuring that valuable tax reliefs are correctly claimed
*All Capital Allowances services are provided through our collaboration with Exact Business Taxation Services Ltd – a UK company based in Cambridge and registered in England No: 07510023
The opportunities to claim R&D tax relief are far reaching and are there to encourage new innovations in the UK. Our experts are on hand to help companies optimise the potential tax savings.
With the clear objective of stimulating technology Research and Development (R&D), the UK government has made available a number of innovative provisions to offset Corporation Tax.
Tearle & Carver offer a comprehensive and detailed technical service, provided by accredited IP professionals Avidity IP Limited, to identify and maximise the benefits of Research and Development Tax Credits.
R&D Tax Credits – Research and Development Relief is a Corporation Tax relief that may reduce your company or organisation’s tax bill. Related services include:
- Working with you to compile a detailed technical report in support of your application
- Identifying ways to position tax relief going forward
- Access to up-to-date technical development and manufacturing experience through our specialist intellectual property colleagues
- Advice on minimising expenditure for non-core activities through route mapping and project/business planning
* All intellectual property (IP) and technical services are provided through our collaboration with Avidity IP Limited – a UK company regulated by IP-Reg and a member of the Chartered Institute of Patent Attorneys.
With you for the journey
Regulated by IPReg – CIPA Member