Tax Advisory Package
Our Tax Advisory Bolt-on Package is a revolutionary way to deliver high quality tax advice for amazingly low prices.
We've picked up the most common issues that small businesses have to deliver a service that packs a huge amount of value, without costing the earth. As we are Qualified Chartered Accountants we can tailor our answers to your specific circumstances.
Broadly, these issues fall under the following headings
- Profit extraction and tax minimisation
- VAT Schemes
- VAT registration
- Loss utilisation
- IR35 Contract reviews
You get ALL THIS advice for a small fee bolted on to your core service package. Check out our free online quote system to find out more about how little this can cost you!
Now, you should know, that in order to keep the costs down and pass these cost savings on to our clients, we don't offer face to face meeting. Instead, this can all be done over the phone. We recommend you have an initial phone call with us to discuss matters that need immediate attention (like VAT and IR35) shortly after signing up.
We would generally recommend that you book in your pre year end tax meeting 2-3 months before the end of your year end, to give us time to get things in place and maximise your post tax income
Profit extraction and tax minimisation
If you have a company, one of the key tax questions is how you get your profits out of the company and available to spend without incurring large tax bill. With companies you have a lot of options - it more than the basic high dividend, low salary question. We can work with you to find a solution tailored to your personal needs.
Solutions can include strategies around
- Use of company cars
- Employing family members - the right way
- Pension payments - particularly with respect to child benefit (how are these linked? Ask us!)
- Utilising homes, whether owned or rented
- Directors loan accounts and interest payments
- Alphabet shares - again, done the right way
If you are self employed there is more limited scope to reduce your tax bill, but there are still plenty of things that can be done.
If you're unincorporated, we can look at whether you might be better off operating through a limited company.
With the new dividend tax regime (dividends are basically more expensive now) its not entirely obvious whether incorporation is still worthwhile.
There is quite a lot of choice over VAT schemes these days. So much so that choosing the right one for you can be difficult.
The choices include
- Standard (Quarterly)
- Flat rate
There are other schemes such as VAT-MOSS which serve to complicate matters further.
We can help you make the right choice to find the right balance between
- How much you pay
- When you pay
- How much administration it requires
There is no such thing as the right scheme, its whether the scheme is right for you!
We can help you navigate the sometimes complex rules around VAT registration. Most people know about the backwards looking test (has your last 12 months turnover been over the VAT threshold), but many people are not aware of the forward test.
Sometimes property income counts towards your VATable income - but only sometimes...
How often should you check, and how long have you got when you do find out you need to register?
Are there any exemptions - could you get out of needing to register and how would you go about this?
It can be complicated but we can help you navigate these tricky waters
Sadly, some business make losses. Sometimes this is a precursor to ceasing trade. Other times its due to slowish starts when setting up. Occasionally its related to a bad year, bad luck, or (dare we say it) bad judgement.
Whatever the reason, there is no shame in it - from a tax perspective there is a potential opportunity to claw back some of the tax you've paid either in previous years, or in the current year, to help with this unfortunate event. Unless you make an active choice, the default is usually just to carry it forward against future income. Its best to use this as an opportunity. With losses there are often choices about how you use them. Where there are choices, there are better choices and there are worse choices.
We can help you make the best use of your losses to maximise the amount of tax you get back.
IR35 Contract reviews
Are you caught by IR35? Have you heard of IR35?
IR35 is a bit of legislation that HMRC brought in to try to combat individuals operating through a company and paying lower tax, where in reality, they were really acting as employees.
If you are caught by IR35, you will end up having to pay tax more like an employee than as a company owner.
This is a very common issue for limited company owners - particularly consultants and contractors - those who operate as single director/single shareholder.
If you have a contract through your limited company, that looks and feels a bit like you would be an employee, were it not for the fact that your company is in-between you and the contract provider, there is a chance you might be caught and you will end up in this punative tax regime.
Luckily its not that difficult to change things to ensure that you are not caught by this (although not always!).
Our Tax Advisory Bolt-on Package gives you up to two additional contract reviews (you get one as standard as part of our Core package), together with advice to help you avoid the IR35 legislation
If you think all this would be amazingly valuable to you then check out how little it costs you to add this to your core service package: