Focus on Tax: Take control of your tax bill

Tax may be inevitable, but it can still be managed and should form a central part of your financial planning strategy. Our team of tax experts offer a range of services that will make a significant difference to your personal wealth and business growth, from personal tax through to sophisticated bespoke strategy development.

Tax policy in an economic recovery

2010 will be a year of steady recovery, and we are generally finding that our clients are extremely positive about growth potential over the next few years. It also means that tighter controls will start to be imposed on deadlines, for example the surcharge on late payments is due to increase from its current 5% in February 2010. This is why it’s important to make sure that your tax is well managed and that you address issues such as the need for flexible payment terms now while the recession-based culture of leniency remains.

Axe the tax

Compliance is just one aspect of tax management, and it’s worth finding out what opportunities are available that could make a significant difference to the amount you pay. We can work with you to structure your finances in the most tax effective way possible, mitigating your liability and optimising benefits to reduce costs. We can also help to limit your exposure in other areas, such as inheritance tax, VAT, capital gains tax, employment and international tax.

Early planning is crucial if you want to benefit from the various strategies available to cut the amount of tax you owe. For example, if you’re planning to buy a new commercial property this year, speak to us as you could offset up to 35% against your tax bill through a capital allowance review – any non-essential features qualify such as lift shafts, partition walls and air conditioning units. Even if you’ve owned the property for years, as long as you have necessary documentation you can claim retrospectively.

Capital allowance reviews are just one non-aggressive area of many where we can help reduce your tax bill. Any change you make to the business will present opportunities for tax-friendly adjustments, and you will hugely benefit from a bespoke strategy based on your specific circumstances. If you’re paying a considerable amount of Income Tax at the higher rate, for example, you could benefit from investing in an Enterprise Zone whereby you can buy shares in a lucrative property at very little personal cost and limit your tax liability at the same time – the possibilities are endless.

The key to effective tax management is to develop a plan based on your individual circumstances. It can seem like a minefield of legislation, however this is where we excel so please contact our tax department to find out more about how we could benefit your business.