Tax Advice & Tax Planning
Minimising Personal and Corporation Tax Liabilities
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 undertakes 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.
The tax legislation is complex and changes are made annually. HMRC offer various ‘helplines’ and resources to help taxpayers, but they tend to just tell you their rules and regulations. Their staff, guides and website do not generally give you advice on how to organise your business or personal affairs in order to minimise the amount of tax you pay. To be sure you have understood and minimised your tax liabilities you really need professional advice from a firm of Chartered Accountants specialising in small business and personal tax. Our experience when taking on clients who have tried to look after their own tax affairs is they have often paid more tax than was necessary – but more importantly they were never completely sure ‘they had got it right’.
We update and inform our clients with our own monthly newsletters which are emailed to clients and are freely available via our website. Each month’s ‘Tax Tips and News’ is packed full of useful up to date articles on tax changes, recent Questions and Answers and tips and advice to reduce tax liabilities. We also provide several free tax guides, which can assure clients (and potential clients) that minimising tax is a priority for us with all clients – AND we know what we are doing! Visit our tax guide page for more details.
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 deal with these particular areas on a very regular basis and can give you clear advice so you understand your obligations and opportunities.
The need to understand, reduce, plan for, or eliminate Inheritance Tax can be important, 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. There are numerous allowances to reduce potential IHT, which may arise. There are also many ways to reorganise your affairs with different business structures.
Tax Enquires / Investigations
Hanley & Co Accountants have considerable experience dealing with HMRC Tax Enquiries (or Tax Investigations as they used to be called).
With the wrong approach tax investigations can drag on for years and settlement figures can escalate. The professional way is to adopt a pro-active attitude to the Tax Enquiry, aiming to produce a clean bill of health or a minimum acceptable settlement as quickly as possible.