When you mention ‘accountancy’ to anyone, thoughts usually swing to tax. As much as we dislike taxes, they are a reality and a necessity in today’s world. The UK national debt is over £1.8 trillion and rising! As you’d expect, HMRC are closing tax loopholes and looking at new initiatives to raise tax revenues. The latest initiative is Making Tax Digital (MTD).
Our constant focus for every client is reducing their tax, whether that’s for an individual or a company.
An accountant’s traditional role is to go back over the past year, create the year-end accounts and establish the tax position: payments, reductions or tax refunds. This focuses on the past to the exclusion of forward planning.
At Friend & Grant we believe that the very best tax advice comes from looking forward as well as in the rear view mirror. We take the time to understand future plans, targets and goals as well as the past, so you can be sure that you’re getting the best tax advice for you or your business.
Our team of tax experts will constantly review your business, making sure you have the most efficient structure for your current needs. We know that business needs and concerns change over time; that’s why we focus on relevant tax advice at every stage of your business.
Businesses: Startups, Growing and Established
- We will reduce your tax, making sure you pay the legal minimum
- We are proactive tax planners, looking forward to plan ahead, as well as backwards to take into account historic results. We’ll discuss how we structure your remuneration package to minimise future tax liabilities. The pre-year-end tax planning starts at the end of your Q3, when we review the profits to date, and establish what actions can be taken before the company’s year-end to reduce potential company tax liabilities.
- We’ll make sure you claim for everything you’re entitled to and explain what you can’t claim for.
- If you’re carrying out Research & Development, our expert taxation services team can advise you about Research and Development tax relief and tax credits (R&D) and prepare the claims for you.
- We will manage your annual accounts, prepare your annual tax return, however complex, to ensure you pay the correct tax, and give you plenty of notice of what tax to pay and when. That means you avoid any late filing or late payment penalties and have the maximum time to plan for your liabilities.
- We will advise how to reduce future tax bills by using claims, reliefs and investments. We’ll look at your pension position, ensuring you’re taking advantage of the generous tax concessions. If you are more risk-tolerant, VCT, EIS and SEIS investments shouldn’t be overlooked as they have substantial tax benefits.
- We are experts in estate planning/inheritance tax planning. Our ethos is ‘IHT is a voluntary tax – so why pay it?’
- Capital gains tax advice and projections to reduce the tax payable on future disposal of your assets is part of our accounting and taxation services.
Property Investors & Developers
- We will prepare full historic rental accounts, including a balance sheet, so that you know what profit you made and the value of your property portfolio. We’ll incorporate the figures into your self-assessment tax return; advising you what tax to pay and when.
- We will make sure you claim for everything you’re entitled to, including capital allowances where appropriate.
- We will review the legal structure of your rental business, because in many cases considerable tax savings can be achieved simply by changing the structure.
- We can forecast future liabilities, incorporating any changes in legislation already announced, so that you have a clearer picture of what you’ll need to pay and when. This will help you make important decisions about future property investments. For example the change in tax relief on mortgage interest has already proved of enormous value for many current property investment and development clients.
- We can advise on the specialist tax rules relating to more unusual rental situations, such as investments in Furnished Holiday Lettings (FHL) and houses of multiple occupation (HMO), as well as the tax rules relating to the current craze of Airbnb.
- We are specialists in capital gains tax, preparing projections of tax payable on the future sale of investment properties across a range of situations.
- We can advise on inheritance tax (IHT)/estate planning to ensure that your properties stay in the family and don’t have to be sold to pay the tax man!
Every client we work with benefits from the tax savings that we recommend. If you’d like to reduce tax then get in touch and book a 60 minute Discovery Meeting with the team.