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Business
Tax Planning

Professional advice for personal and business tax planning support to protect wealth, particularly while running a business is important particularly in the context of tax.

Without proper business tax planning and due care higher tax rates can erode a good amount of business cash flow which otherwise could be used and retained in the business.

Safeguarding the well-being of the family or loved ones after death and ensuring their due share in the deceased estate and wealth as well as income protection is an absolute necessity and requires high-quality inheritance tax planning.

Services of a good tax planning consultant either for tax planning advice, personal tax planning consultations or an inheritance tax specialist who can give proper advice to minimise the current and future tax liability in different tax-related areas make good and proper business sense.

Further, the tax specialist can shed light on the implications and repercussions of not having a Will, Trust, Estate Planning, wealth tax planning and income protection and the benefits of having them.

Unfortunately, business owners and managers are too busy running the day-to-day affairs or operations, that they fail to understand the importance of tax planning. Care Accountancy can offer expert and low-cost business tax planning and affordable solutions to Wills, Trusts and Estate planning and offer the best wealth planning and income protection solutions. Taxes can not only result in huge cash outflows and easily eat into the annual earnings if not carefully planned, understood, and estimated.

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SOLUTIONS FOR YOUR TAX

Planning tax ahead
A relaxing experience

Income Tax

Income tax is the tax liability levied on the income above a specific personal Allowance threshold. The income that comes under the income tax scope is employment income, profits made if you are self-employed, certain government grants and support payments, personal pensions and State pension, income from a trust, extra benefits from a job, etc. There are also numerous allowances, reliefs and tax-exempted income that must be considered.

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Corporate Tax

Corporation tax is levied on limited companies, clubs, cooperative associations like community groups, and sports clubs. The current corporation tax rate is 19% which is applied to the taxable profit. Taxable profit is computed after deducting all the tax-allowable expenses, but some expenses do not tax allowable, so they need to be added back to the profit figure.

In short corporate tax are a mixture of earnings, expenses (out of which some are tax allowable, some are not), several claims and certain allowances. Such a wide variety of items require that there should be a professional to handle the complexity of the matter.

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Disclaimer

Capital Gains Tax

Capital gains tax applies to the disposal of capital assets that have been appreciated. CGT does not apply to unsold assets, stocks or any other investment; it is only payable when sold, and the profit is realised. Before the sale of assets, no CGT applies no matter how much they have increased in value or how long they have been held. CGT does contain a lot of complexities, with many inclusions and exemptions.

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Inheritance Tax

The inherited estate does not come without its tax implications. The distribution of estates among the heirs and applying inheritance tax rules is seriously complicated and requires specialist knowledge and expertise. Inheritance tax, in general, cannot be calculated using a default format because of the different types of assets involved and complex family structures.

Computing Inheritance tax bill and claiming necessary allowances and reliefs is an art, not a science, such as making charity donations, leaving the estate to the spouse, putting assets into a trust, giving gifts, paying into pension funds so on.

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R&D Tax Credits

An R&D tax credit is an initiative by the UK government to encourage investments in the research and development department. It can benefit businesses in the following ways:

  1. Increased productivity and efficiency of the business processes and bring innovations to its products
  2. Incremental tax relief for investing in R&D

Improved quality services and products also enhance customers’ welfare. We can help you determine if your business can qualify for R&D tax credits and effectively reduce the taxable profit.

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Tax Return

Working out the tax liability and filing the return to the HMRC can be difficult and time-consuming. Every source of income needs to be incorporated, and all allowances and reliefs should be considered. Seeking professional assistance to file a tax return, though not required by law, provides you with a sense of satisfaction with minimal errors and reduces the chances of HMRC investigations being started. Care accountancy provides top-notch service in this regard in almost every type of tax, and our expert team members try hard to reduce your tax liability by claiming all available reliefs and allowances as possible.

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MORE FOR YOUR TAXES

Your source for trusted
Tax preparation

Strategic business tax planning should be an essential part of every financial plan as it minimises the incidence of applicable taxes and ensures business remains tax efficient.

STEP 1Your Problem

Tax related issues whether relating to individuals, business, investments, or retirement situations are complicated, difficult to understand and handle and can have unusually a large incidence of cash outflows on your wealth if not managed properly.

STEP 2Our Observance

We can review and examine circumstances on a case-by-case basis to determine the extent of implications and repercussion as to how the tax rules and regulations can affect you.

STEP 3Our Suggestions

Based on our reviews and consultations as to your individual or business circumstances we can forecast the tax implications with certainty and advise as to what can be done to mitigate or lessen the tax impact.

STEP 4Your Success

Keeping in view of the complicated tax regime and the higher rates of tax, it makes sense to seek professional advice which can shed light as to how tax liability can be kept to a minimum.
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OUR OFFICES

Get in Touch

Come and visit our offices or simply send us an email anytime you want. We are open to all suggestions from our clients.
Address
94 Street Lane
Rhoundhay
Leeds
LS8 2AL, UK
Address
9 Sheaf Lane
Coventry Road
Birmingham
B23 6EJ, UK
Contact
0113 8870 218
0121 7268 542
[email protected]

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    CareAccountancyOffices
    94 Street Lane, Leeds
    9 Sheaf Lane, Coventry Road, Birmingham
    OUR LOCATIONSWhere to find us
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    GET IN TOUCHCare Accountancy Social Links
    Taking seamless key performance indicators offline to maximise the long tail.
    CareAccountancyOffices
    94 Street Lane, Leeds
    9 Sheaf Lane, Coventry Road, Birmingham
    OUR LOCATIONSWhere to find us
    https://careaccountancy.co.uk/wp-content/uploads/2019/04/img-footer-map.png
    GET IN TOUCHCare Accountancy Social Links
    Taking seamless key performance indicators offline to maximise the long tail.

    Copyright by CareAccountancy. All rights reserved.

    Copyright by CareAccountancy. All rights reserved.