Tax Planning And Tax Minimisation Services

The vast majority of us would like to pay less tax. There are many ways Maslins can help reduce your total tax burden. We have summarised what we typically do (in order of frequency & risk) below:

Checking You're Claiming For Everything You're Entitled To

Sounds obvious, but many businesses don't claim all the allowable deductions available to them. Typical examples for smaller businesses are "use of home as office allowance", or underclaiming motor expenses.

There may also be slightly more complex areas where claims are not maximised. Common examples being research & development and capital allowance claims on property acquisitions/refurbishments.

Making Use Of Available Elections

The main things this applies to are:

• VAT - flat rate scheme, cash accounting, monthly returns - there is so much choice in VAT that many people simply stick with standard quarterly VAT returns. We can discuss the alternatives in layman's terms to help you decide whether it may be best to change.
• Capital/Chargeable Gains - there are lots of options available to either reduce or defer capital (for individuals) or chargeable (for Limited Companies) gains. Entrepreneur's relief, rollover relief, annual exemptions, transferring within groups/to spouses. Again there are lots of options so please discuss with us before making any major decisions.
• Capital Allowances - deciding where to use the Annual Investment Allowance (AIA) can make a difference for medium sized businesses. Typically you want as much relief as early as possible, although there may be situations where deferring relief is optimal. We can discuss the options with you so you can make an informed choice as to the best way forward.

Changing The Structure You're Trading Under

The most common example of this is sole traders incorporating into a Limited Company. More complex situations may involve transferring shares, or other assets between Limited Companies in same group.

Mergers and acquisitions are a rapid way to expand your business, but can also be a logistical nightmare, and also a minefield from a tax perspective.

If you are considering purchasing another company, and you haven't put too much thought into whether you want to buy the shares (ie the entire company) or a selection of the trade and assets, then we strongly recommend you talk to a firm of suitably qualified professionals first.

Registered Tax Avoidance Schemes

We no longer promote any offshore tax avoidance schemes. We believe the risk for the client is simply too high, especially as HMRC are typically trying to change legislation retrospectively.