PAYE

There are more changes in PAYE tax regime than any other taxes we can think of. We regularly update ourselves with all those changes and pass on the useful information to the clients to make sure they comply and take advantage where applicable.
This will not only help them to save but will help them in making certain decisions such as recruiting new staff members.

How we can help:

We can take over your PAYE, CIS and RTI responsibilities, and ensure you receive any rebates statutory payments or to claim Employment Allowance, a new scheme operated by the government to provide businesses with a £3,000 rebate each year off employer National Insurance bill. Additionally, we can provide advisory on the management incentives schemes, pensions including set up and periodic execution of mandatory workplace pension schemes in line with the payroll services. Outsource your Payroll compliance for a small quarterly fee or part of the yearly package and you are free to focus on your business. Why not contact us to take advantage of our free one hour initial consultancy.

Personal Tax

Each April your attention is drawn in the foreseeable direction of the need to submit a personal tax return. During the year you would have seen a change in tax law that will have a direct impact on your immediate or future tax liabilities, or you will have incomes from new sources, for example your business has grown and you withdrew perhaps share holder dividends.

How we can help:

As a high net worth individuals, we can help you to understand your activities and advice on whether there are any tax saving vehicles for you to utilise, for example if you have reinvested. Things have changed a lot since the end of the recession and you would need a strong advice to protect yourself from the taxes that could be saved if planned and managed proactively, for example if you buy to let or mortgage interest element in calculating your net rental income. We provide extensive tax planning proactively for the coming years and reactively to the changes in the tax regime. No matter how complex your tax affairs locally or if you need to disclose your foreign incomes we are here to assist you. Contact us today and one of our experienced personal tax advice team will be on hand to help.

Corporation Tax

The Corporation Tax rate you pay depends on how much profit your company makes. Therefore we ensure the right strategies are put in place in order to relieve your tax burden and achieve your financial goals is what we do best. In working out your corporation tax we look into the wider areas of capital and investment allowances, unutilised losses, other incomes and Research and development tax credits etc. Contact us today for free one hour consultancy.

CGT

If when you sell or give away an asset it has increased in value, you may be taxable on the gain. CGT is often quite complex with so many exemptions and reliefs available, and the recent good and bad news about CGT has made it more difficult to understand and protect yourself. With careful capital gains tax advice, it is often possible for individuals and/or trusts to reduce, totally avoid and/or delay payment of capital gains tax.
Our specialist tax team deals with all aspects of capital gains tax, including:

• Shares and investments
• Property
• Non-Resident gain since 1 April 2015
• Estate gains
• Trust gains
• Revenue enquiries and investigations

Property Advice

It is more challenging than ever to buy property or move up through a property ladder, for example if you need a bigger house or buy to let investment. The recent changes in stamp duty land tax (SDLT), CGT and calculation of net rental income means you would need to plan a lot over the next few years.

How we can help

We are well-connected and have forged relation with solicitors, bankers and other financial institutions to make your every move as tax efficient as possible.. Why not contact us for free one hour initial consultancy.

Residency

We have quite a lot non-domiciled UK tax residents and non-residents clients including Pilots, non-dom directors of dual nationalities living only certain days in UK and other high net worth individuals having relevant foreign incomes. Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year. However, the Statutory Residence Test (SRT) came into effect from 6 April 2013. The new statutory rules consist of the three separate tests which are intended to provide greater certainty as to a taxpayer’s residency status.

How we can help

More ever from 5 April 2015 non-resident selling their UK properties may have to pay CGT on the gains..... There are so many things to look into such as relevant incomes, Long Term Residency and Remittance Basis Charge, remittance Vs arising basis, and the double taxation agreements between UK and your countries where you have paid the tax. The rules for non-dom will further change from 6 April 2017 and therefore you would always need an accountant like us having so much experience to offer. Similarly if you are non-resident Landlord (NRL) and receive rental incomes from UK properties, you will need to pay tax at source, or alternatively why not nominate us to become your authorised agent at a very small annual commitment and we will make sure you pay the tax efficiently. If you are individual who is non-domicile but have UK ties and live certain in UK, you would still need to submit the tax return, contact us today and we will work hard to take into account everything to make sure we submit your tax return accurately.

R&D Tax Relief

Are we eligible for R&D tax credits is the question we are asked quite often, and the answer is often yes. Many are unaware of the potential benefits, and this is where BSO FINTAX can provide R&D tax help. If your company is spending or has spent by innovating, improving or developing a process, product or service, then it may result cash payment from HMRC (if you are loss making company) or reducing corporation tax bill. From 1 April 2015, the enhanced deduction was increased further to 230% of the qualifying R&D expenditure incurred.

How we can help

Our experience suggest that it’s rare to find a business where all of the R&D activity is transparent, and correlate to job roles and functions specific to R&D. We tend to find it’s more typical that R&D functions will be spread across numerous aspects of the organisation, with some individuals playing a far more active role. We often start by working closely with clients to identify the specific job roles within a business, and attributing a percentage of their time as qualifying R&D expenditure. If you want to find out whether your expenditure qualify for R&D, please contact us.