Tax Planning

UK is not tax free haven, but it promotes an investor friendly environment to attract people around the world to come to UK conducting businesses. There’re various tax reliefs which are available to individual and corporate tax payers. To ensure this is fully utilised, a good tax planning can definitely add in value to your investment portfolio or your business in the long run. 
A tax planning will not guarantee to identify a tax saving opportunity in existence, but it certainly will lower the risk of you missing the opportunity to manage your tax affairs more efficiently and effetely. Our specialised tax team can help you review and assess.

Individual Tax planning

This is for Self-employed, partners, company directors, investors who have to submit UK personal tax returns (Self-Assessments).

What is personal Tax Planning?

Personal tax planning involves making sure that when you complete your self-assessment accurately and avoid any HMRC penalties, you only pay the tax you are legally obliged to while bringing to your attention any allowances, reliefs and expenses that you can claim.

Who shall consider a personal tax planning?

Individuals in receipt of just employment income and investment income within the allowances may be able get by without tax planning for most of their lives. There will come a point, however, when they will have to think about estate planning, in which tax will invariably play a part. Anyone with growing rental or business income would be sensible to seek professional advice on the scope of what they can claim as expenses and whether there might be a more advantageous way of structuring their enterprise. If your life pattern has a foreign element, in terms of your residence, domicile or asset allocation, tax planning is likely to be a practical necessity.

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People will also look for tax advice as they approach a change in life, such as a new job with a complex benefits package, a relationship breakdown or the entry into or exit from a business. While tax is rarely the deciding factor in a key life decision, the decision is always made easier if the plan of action has been accurately costed, or if a better way of organising your affairs emerges from an analysis of the options.

Non-Doms and Non-UK Residents

If you’re a foreign domiciled UK resident, you have access to some very beneficial tax rules. Whether you’re planning a move to the UK, already here, or have left the UK, we can help to ensure that you make the most of the available UK tax rules, no matter where in the world you are.

Corporate Tax planning

What are the advantages of Corporation Tax Planning?

A thorough understanding of corporation tax rules and its implications would allow reducing the tax burden legally. For instance, UK corporation tax rates are lower than income tax rates for high-income groups. Company owners may also pay themselves dividends, taxed less heavily than other income streams.

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What are the relief and allowances available for corporation tax?

Apart from marginal relief, the law allows capital allowances, research & development relief or tax credits, loss relief, group relief, dividend relief, expenses relief and credit relief. All these reliefs and allowances reduce corporation lax liability.

• Capital allowance allows companies to deduct invisible expenses such as depreciation when computing net profits.

• Research and Development relief allows deducting expenses on certain research and development projects from the net income. Such relief may lead to tax credits.

• Loss relief, as the name implies, allows set-off of losses against profits

• Companies belonging to a group may off-set losses among themselves. For instance, one company making a trading loss may off-set such loss against the profits made by another group company in the same accounting period. Such group companies may also transfer assets among themselves without attracting a “chargeable gain” at the time of transfer.

• Dividend income is excluded when computing corporation tax to avoid double taxation, as the company that disburses the dividend after tax.