Expert Advice and Planning
Minimising Personal and Corporation Tax Liabilities.
Capital Gains Tax
Inheritance Tax
Tax Disclosures and Enquiries
Peace of Mind from Experts
At Hanley & Co Accountants we consider tax planning’ to be an ongoing event for all our clients – not just something you do once a year.
Our belief is the most important aspect to our taxation services is to give all our client’s peace of mind they have paid the least amount of tax. We achieve this by comparing all the options available, and explain our tax planning advice in plain language – no ‘accountants speak’ here!
Our tax expertise comes from exam qualifications and years of practical experience in dealing with business and personal taxation, and ‘practical tax issues’. All technical staff undertake regular technical training, as the rules and regulations frequently change.
We also have access to a number of tax specialists whom we can call on for second opinions in unusual circumstances.
We pride ourselves on working hard throughout the year to ensure none of our clients pay more in tax than the law requires.
Capital Gains Tax
In addition to small business taxation such as Corporation Tax or Self Assessment, we also advise on minimising Capital Gains Tax. This can arise on the sale of your business, second home, or other assets. Capital Gains Tax can be saved and sometimes avoided by the correct planning of ‘transactions’ such as the transfer of your business from a sole trader to a limited company.
You may need advice on the tax structure on the sale of part or all of your business whether an outright sale or an ‘earn out’. Second homes and, in particular, the sale of rental properties are areas requiring careful tax planning and understanding of the complex Capital Gains Tax regulations. We can assist with the completion of Capital Gains Tax Residential Disclosures.
We deal with these particular areas on a very regular basis and can give you clear advice so you understand your obligations and opportunities.
Inheritance Tax
The need to understand, reduce, plan for, or eliminate Inheritance Tax is essential, especially for business owners.
Effective tax planning can save money for your beneficiaries and help preserve the family business in the event of your death. Navigating IHT can be complex as there are many different factors to consider including numerous allowances to reduce potential IHT. There are also many ways to reorganise your affairs with different business structures.
If you believe that you may have an estate that could potentially be subject to IHT or if you would like some further information on IHT in general, please contact us and we would be happy to help.
Tax Enquiries and Disclosures
We have a great track record for handling and concluding tax enquiries and disclosures quickly with minimum settlements and minimum stress if you engage us. Please be assured our approach is pro-active and non-judgmental.
Our extensive experience and expertise means that, for example with an aspect enquiry we have been able to ‘nip it in the bud’ and get it concluded within a few days.
If HMRC launches a tax enquiry into your affairs, professional advice is essential. Without professional advice, an enquiry can drag on for years and settlements, interest and penalties can escalate. So please don’t hesitate – contact us today and minimise your time and stress.
Why We Don't Offer Tax Enquiry Insurance
Many accountancy practices offer ‘tax enquiry insurance’ as standard to all clients, so each client pays say £10-20 per month for the insurance, which should cover additional accountancy fees that would be incurred if a tax enquiry arises.
At Hanley & Co, we choose to not offer this insurance to any of our clients because:
- The accounts and tax returns we prepare are very high quality and transparent which minimises the risk of an enquiry in the first place
- The chances are that most clients will never get an enquiry from HMRC throughout the lifetime of their business, or of their personal tax obligations. This means paying £10-20 per month throughout that whole period, for most clients, is likely to be a waste of money!
- Our average fee for resolving a full enquiry might be is £800 to £1,500 plus VAT. So if the ‘worst’ does happen and an enquiry is made it is almost always far cheaper, in our experience, to pay the one-off accountancy fees when they arise rather than constantly insuring against them. The fee for dealing with an aspect enquiry (and these are far more common) might be £500 plus VAT
- Going through the insurance process can delay giving a prompt response to HMRC. The insurers would dictate the strategy for dealing with HMRC and prescribe a maximum number of hours we can spend on it. Both of these constraints would, we feel, restrict our ability to get a good result for you.
Tip – If you are still anxious about the threat of an enquiry, you could always save the £20 per month into your own savings account (earning interest on it) to give you some peace of mind
Tip 2 – Our Institute requires that we tell you these policies are available so if you want one please ask and we will suggest a few options
At Hanley & Co, because we are unhindered by insurance policies we can promptly provide an estimate of our time (and fees), and then jump straight on the work and resolve the enquiry for you promptly. We prefer to invoice our fees at every stage of the enquiry so you know the latest progress and costs.
“My husband and I have instructed Hanley & Co for the past 6yrs or so to undertake our annual Self Assessment Tax Returns. In the main, we have always dealt with Debbie whose worked at Hanley’s since her initial training with them began. She’s very nice to deal with – easy to talk to, always so friendly, approachable, and very knowledgeable in her field. She’s given us such valuable sound advice, and guidance, over the years. Have never encountered any issues with these Accountants. Always file on time, and reasonably priced fees. Would thoroughly recommend. These are Accountants you can freely talk to which is what attracted my husband and I to them in the first place as we really needed our hand holding for us venturing into unknown territory, and they didn’t disappoint!”
Book Your Free Initial Meeting
If you’re starting a business or looking to improve how you manage your finances, we’re here to help. Book a free meeting to talk things through and get honest, expert advice tailored to your goals.