Tax and estate planning | Reach Accounting Solutions

Telephone 01538 711 000 Email freedom@reachadvice.co.uk

We all strive to make a success of our businesses and it’s therefore important that our business and personal tax affairs are structured in a tax efficient way to maximise the funds available for continued investment in and growth of the business and for the reward and security of ourselves and our families.  

By establishing a relationship with us, you will be taking the first step to improving the tax efficiency of your business and personal tax affairs.

 

Personal and corporate tax planning

We aren’t talking about contrived tax planning schemes here, we are talking about liaising with us as your trusted advisor on an ongoing basis, all year round to ensure that:

  • All available allowances and reliefs are claimed;
  • Where possible payments on account are reduced e.g. if profits are down mid-year, your expected taxable profits are down due to capital purchases, etc we can apply to reduce your payments on account which are paid 31st January and 31st July, so that you benefit from this tax reduction as soon as possible rather than waiting for a tax refund months down the line when your tax return is prepared.
  • The impact of the timing of proposed transactions is considered before they are made.  This in itself can produce huge tax savings and sometimes it is only a question of moving the timing of a transaction by a number of days or weeks;
  • Proposed transactions are structured in the most tax efficient manner, including your personal extraction of profits;
  • You are aware of your future personal and corporate tax liabilities well in advance so that you can prepare for them;
  • And so on.

 

Estate planning

As you have spent your working life acquiring assets and wealth for the use, enjoyment and security of you and your family, it is understandable that you wish to maximise how much of this is passed on to your loved ones in the event of your death.

If you are concerned that your estate may currently be subject to inheritance tax charges please get in touch with us.  We can review your estate with you and recommend options available to you in order to reduce inheritance tax.  This is something which is very personal and tailored to your circumstances and wishes.

  • Could you reduce your upcoming 31st July payment on account?/ 15th May

    If you can answer yes to any of the following questions, then you may well be able to reduce your upcoming payment on account. If you are self employed (without a limited company), during your last financial year: Have you noticed that sales have dropped? Did you invest in new equipment? Did your stock levels increase noticeably? Did you incur significant additional costs e.g. rebranding/new website/repairs? If you are a company director, in year ended 5th April 2018: Did your dividends drop for any reason? Did you increase your pension contributions? Did you make any significant gift aid donations?

  • Extension of the Childcare Voucher Scheme/ 20th March

    Would you like help with childcare costs? Well, the Childcare Voucher scheme which was planned to close to new entrants from 6th April, has now been extended to be available to new applicants for a further 6 months. Therefore, there is still plenty of time for YOU AND YOUR EMPLOYEES TO BENEFIT. Directors, remember that you can use the Childcare Voucher scheme yourself as employees. Childcare Vouchers can be used to cover the cost of qualifying after school clubs, etc not just nursery fees as you might expect. Your business could save up to £403 in National Insurance per employee and the employee could save up to £933 in tax and National Insurance.

Stay in
the loop

We regularly post news, tips and advice for business owners on a whole host of accounting, tax, employment and business related subjects.

We also have a blog, in which we share our insights and opinions on business topics which we feel need putting under the spotlight.

 

View all news