When you work as hard as you do, it’s only fair that the wealth you have created benefits you. Ensuring that you are not paying too much of that wealth back in tax is important. This is why a review of your personal tax affairs is key. Our friendly team of personal tax experts at Alexander & Co will provide you with strategic tax planning advice, so you can make the most of the current opportunities in the tax system. We can also help you with:
- Personal Tax Advisory and Planning
- Trust and Inheritance Planning
- Partnership Tax
- Employee Share Schemes
- Self Assessment tax advice
- Property Tax Advice
- Tax Relating to Divorce
- Cross-Border Tax Planning
- Business Asset Disposal Relief (formally known as Entrepreneurs Relief)
Personal Tax Advisory and Planning
We will help optimise exemptions and tax relief, tailored to your personal circumstances whilst making sure that you remain compliant with the tax rules. This will help to ease the impact of any potential turbulent economic conditions. We can advise on personal taxes, including:
- Residence and domicile
- Capital gains tax (CHT)
- Income tax
- Inheritance tax (IHT)
- Advice on trusts & estates
- Self Assessment tax advice
- Advice on what payments are due and when
- Completion and filing of relevant returns
Many of these areas are related to one another, therefore any decisions made are likely to affect more than one aspect. We work with you to plan effectively for your taxes.
Trust and Inheritance Planning
A number of our clients have trusts created for a variety of reasons. Trusts are not only used for tax planning, they are also used for asset protection. Trusts can be an effective way to set aside assets for future recipients outside the inheritance tax net in the right circumstances. Alexander & Co assists by:
- Working with you to see if trust planning is an effective solution for your requirements
- Notifying HMRC of the trust’s creation for inheritance tax, capital gain tax and income tax purposes
- Preparing the 10-year inheritance tax returns for trusts on suitable anniversaries
- Preparing capital gains tax and income tax returns and supplying tax information to beneficiaries
- Advising on the inheritance and capital gains tax implications on the creation of trusts and claiming any reliefs
In business partnerships, all partners are responsible for complying with self-assessment rules. This is both as individual self-employed taxpayers and for the partnership.
Our highly skilled, experienced personal tax accountants will help lighten the burden of tax compliance for partnerships, allowing you to focus on your business. We will provide guidance, advice, and support in the following areas:
- NIC and Tax self-employed registration
- Forming a partnership advice
- Calculation of taxable profits
- Advice on profit and capital sharing ratios
- Advice on VAT registration
- Allowable business expenditure advice
- Preparation of both personal and partnership tax returns
- Tax considerations in relation to partners leaving or joining the partnership
Employee Share Schemes
Employee share schemes (also called employee share plans) are incentive arrangements provided by employers to motivate and reward key employees. Such arrangements can be highly beneficial and motivating to employees and drive growth into a business. Shares are either rewarded directly by the employer or awarded via a form of shares scheme put in place by the employer.
Professional advice should always be obtained for the tax position of shares transferred to employees, as it’s a highly complex process. Our personal tax accountants are vastly experienced in employee share schemes, so do not hesitate to get in touch today.
Property Tax Advice
Owning a second property (or more) to rent out is giving rise to an increasing number of tax issues. These individuals will be subject to income tax on any rental income, as well as capital gains tax on any gains following the disposal of the property and additional Stamp Duty Land Tax on the purchase of additional properties
Here are just a few points to be considered:
- The Government has recently introduced a whole raft of legislation that can give rise to additional tax charges on additional properties. Landlords should urgently review their ownership structures, finance arrangements and tax positions in light of these changes
- Identifying capital costs of acquisitions, improvements and disposal to minimise any capital gains on disposal
- Quantifying which expenses can qualify as tax deductions for repairs or replacement items
- Maximising relief for tax allowable expenditure
For further advice regarding your personal properties, do not hesitate to get in touch.
Tax Relating to Divorce
In the midst of a divorce, tax probably isn’t high on your list of priorities. However, it’s important not to underestimate the impact of taxation on the final settlement. Seeking advice on the UK tax implications of divorce, separation, or any proposed settlement at the earliest opportunity is imperative.
By planning a divorce settlement with care, you should be able to minimise the tax cost of transfers under the divorce settlement.
Make sure you read our blog on how a forensic accountant can help with a divorce. If you require any more advice regarding tax and your divorce, get in in touch with one of our friendly team members.
Cross-Border Tax Planning
We live in a very global society and people now have personal and business interests in multiple countries. Whilst it is advisable to seek local tax advice in each country, we have a number of clients that we have assisted in efficiently managing their UK tax affairs in relation to cross-border interests.
Business Asset Disposal Relief
Business Asset Disposal Relief (formally know as Entrepreneurs Relief or ER) is one of the most significant tax reliefs available. It reduces your tax rate to 10% on the disposal of certain trading business interests or shares in trading companies. At Alexander & Co, we can help to try and make sure that this relief is available to you, by helping set up your business in the right way and then keeping you within the rules.
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