Many people and businesses are unaware of the tax reliefs that are available to them and how they might inadvertently lose them or fail to qualify for them due to poor planning.
We can assist with all tax relief planning. Some of the most common options available include:
- Securing Entrepreneur’s Relief on a business sale – The qualifying criteria are relatively easy to meet if business owners plan for the sale more than 12 months ahead of the scheduled sale date. This allows them to lower their tax rate from 20% to 10% and spread the value and related tax saving across family members to maximise the tax saving.
- Protecting Business Relief – Many owner-managers are unaware of the need to ensure their business remains a ‘trading’ business in the eyes of HMRC. Sometimes they can fall foul of their own success by accumulating cash or non-trading assets, meaning the business will not qualify for Business Relief on death. They can find their business value being taxed at 40% on death rather than 0% if they don’t consider this in advance.
- EIS compliance – The Enterprise Investment Scheme helps small businesses raise money to grow by offering tax relief to individual investors who buy shares in the company. We make sure your business complies with EIS requirements to maximise investment into your company while keeping risk as low as possible.
- In conjunction with our Wealth Management team we can help structure tax-efficient remuneration packages for senior managers.
- Our Private Law team can help advise on family succession planning and how to mitigate the impact of Inheritance Tax on your estate.