We have an excellent track record for creative and safe tax planning. Businesses can benefit from our practical and proactive approach at every stage of their growth.
COMING INTO BUSINESS
The prime aim of nearly all businesses is to make profits for their owners. Sometimes, however, the motive is to start the business in such a way that it can be sold for a capital gain.
Our tax specialists can help you decide on the most beneficial structure for your new business to minimize the tax, both on the trading profit and on the disposal of the whole or part of, the company. The available structures are sole traders, partnerships, limited liability partnerships, and limited companies (which include PLCs).
Our guidance also covers different types of shares and agreements for dividing up profit.
If you’re going into business with firms or other business companies, we will be able to tax-efficiently set up the joint venture for you.
COMPANY SHARES AND VENTURE CAPITAL TAX RELIEFS
If you are involved with a trading limited company issuing shares to other investors, you may have to organize that the company meets HM Revenue & Customs’ (HMRC) requirements for the investors to be eligible for various income tax reliefs, and for them to have their investments in your company enable them to pay for their capital gains. We can help you with this and obtain Advance Assurances from HMRC, where appropriate.
ESTABLISHED BUSINESSES
We stay very close to our clients so that, once your business is established, tax-saving opportunities can be seized upon when they arise. This is a more strategic choice than just entering the old year’s profits onto the tax return and working out when any payment must be made.
PAYROLL AND BENEFITS
How your employees and stakeholders are remunerated is also important, and so we help you get your plans being tax-efficient. These are pension schemes and savings, share options, allowances, benefits in kind (cars included) and trusts.
A particular tax-efficient option which is accessible to smaller trading businesses is EMI share options, and we can:
put these scheme choices together
procure Advance Assurances from HMRC that an enterprise is eligible to issue EMI options, and
agree valuations of shares for use under an EMI scheme with HMRC.
We can also set up or review your PAYE scheme to ensure that it is
properly being run and
you are not building up a huge liability which is discovered during an HMRC PAYE inspection, or due to failure to comply with new rules and new legislation.
VAT PLANNING
VAT, theoretically, is an expense to a business which is not VAT registered or making VAT-exempt supplies. Provided a business can optimize the VAT recovered on purchases, and minimize the VAT on sales to a minimum, profits can be substantially increased.
VAT regulations are complex. frequently changing and there are penalties for non-compliance. A surprise liability as a result of a VAT audit can also impact negatively on cash flow.
There are several special VAT schemes that can make compliance easier and might also provide a VAT saving for your business.
Our VAT specialists can review your business and systems to ensure VAT planning opportunities are considered and the likelihood of non-compliance is minimized.
ACQUISITIONS AND DISPOSALS
We have considerable experience in advising on buying and selling businesses. This is not just the sale of a whole company but even disposing of a division or subsidiary, or retirement of a partner or shareholder.
Groups of larger businesses can need a reconstruction prior to sale, and the reconstruction will probably need an advance clearance by HMRC
We can help you negotiate and agree terms, including the:
price
nature of undertakings and guarantees, and
timing and form of the consideration.
It is generally advantageous for both parties to consider the other’s tax status since any advantage to the other party can be accounted for in the price.
To business buyers, we can perform tax due diligence on the proposed acquisition to determine any existing unknown liabilities so that they will occur after the acquisition.
We specialize in handling intricate purchase and sale issues. Our clients appreciate our hands-on approach and our ability to drive the deal, if required.
Our team have an excellent contact network within the funding industry and can potentially arrange an introduction that helps you secure the funding you need for your deal.
MAKING THE MOST OF TAX CREDITS, INCENTIVES AND ALLOWANCES
Being professionals in Film, TV and Animation Production, Video Games Development, Renewable Energy, and the like, we have built up a rich tradition of helping firms successfully acquire the relevant tax credits in such businesses. We also often advise on tax incentives by the Government to encourage businesses to be eco-friendly.
OVERSEAS BUSINESSES
Overseas businesses setting up in the UK will have some basic decisions to make on the form of their presence in the UK, and will also face the prospect of an unfamiliar compliance process.
Corporate-level businesses will need to choose between a variety of options including incorporation of a new UK subsidiary company and registration of a UK branch or agency of the overseas business.
We can assist with determining if VAT registration is necessary or advisable, handle the application for registration, and assist with VAT returns.
Most overseas businesses prefer to send existing staff across to the UK to help get things up and running and set up correctly. Our expertise encompasses the structure of remuneration packages and payroll tax implications, taking into account the UK rules and collaborating with other members of AGN International, the overseas regulations too.
We also advise on other UK individual taxes such as inheritance tax and capital gains tax.
DOING BUSINESS OVERSEAS
With our AGN members, we can help you with corporate and personal tax issues to prevent double taxation where possible, and take advantage of any opportunity to reduce your tax and social security obligations. It is also important to make sure your offshore structure is easy to run.
CAN WE HELP?
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Not all tax planning ideas are suited to every client, but we believe it is essential that our clients have the opportunity to examine all their options. We ensure that tax planning is coordinated with other business factors such as banking and finance facilities.
Our tax planning experts consist of private practice experts, along with ex-HMRC staff who all take pride in spotting tax-saving opportunities for clients.
To learn more about how we can help with a specific tax issue that you’re facing, please contact one of the experts shown on this page or through our London Business Tax Specialists page – or speak to your usual Shipleys’ contact.
Individual advice should be obtained before acting, or refraining from acting, on any of the matters referred to above.
“Shipleys prepare our statutory accounts, deal with accounts issues on my behalf, and organize our corporation tax returns and payment. It’s good to have quality level accountancy skills available whenever we need them”
Sonia Ranger
Finance Director, Powertraveller