Specialist Tax Advisers
Our specialist tax advisers are all members of the Chartered Institute of Taxation with over 100 years of wide ranging tax experience. They have offices in London, Carlisle and Stratford Upon Avon.
Their aim is to provide “Clear and Simple Tax AdviceTM” for entrepreneurs, companies and individuals that have complex tax issues that require specialist tax input. Whether this is an income tax, corporation tax, capital gains tax or even inheritance tax issue please come and speak to us. THE INITIAL CONSULTATION IS ALWAYS FREE and they welcome the opportunity to meet at a location that suits you.
They have serviced many sectors of the business community including very high net worth individuals, professional sport stars and clubs, property and construction sector and leisure industry as well as a whole range of service related business sectors.
Capital Gains Tax
A capital gain will arise when a person disposes of a capital asset at a profit. Usually this happens when a person (i.e. an individual or company) sells it to another person. However a gift of an asset also constitutes a disposal – often this is forgotten by taxpayers. In addition understanding whether an asset qualifies for Entrepreneurs Relief is a key area for taxpayers given HM Revenue & Customs look at these types of claims very closely.
Key areas which you may wish to consider working with us include;
- Entrepreneurs Relief reviews
- Exit planning strategies
- Extracting cash tax efficiently from businesses
M&A Tax Services
Mergers and Acquisitions can provide significant growth for a company in a short period of time. Zenith Tax can provide in-depth knowledge of worldwide tax jurisdictions to provide a trouble free transaction. Technical support can be provided during the entire process including due diligence reviews, advice on applications and Tax issues which may arise due to the merger. We can also provide support and advice during liquidation processes.
Research & Development Tax Reviews
R&D is likely to apply when a project seeks to accomplish an advance in science or technology and the activities undertaken to succeed in this advancement though the resolution of scientific or technological uncertainty. Both large and small/medium sized companies may claim relief for various categories of qualifying expenditure such as,
- Staffing costs
- Consumable items
- Qualifying sub-contractor costs
Some R&D questions that you may want to ask yourself;
- Does the project involve any technical challenges?
- Is the project setting new standards?
- Are there readily available solutions already on the market place?
Many companies by not claiming research and development tax incentives are losing out. Research and development has much wider definition than many people think; you might be eligible for tax benefits and not taking full advantage.
Advancement or uncertainties could include;
- Creating a process, service, material, device or product
- An appreciable improvement to an existing process, service etc
- Arise from the complexity of a system rather than how the individual components behave
- Arise if a competent professional working in a field can not really deduce how the separate components or subsystems should be combined to have intended function
Farmers Tax Specialists
As farming tax specialist we can help on a number of issues which could be affecting the profitability of your farm such as the burden of the highest rate of tax. We can also discuss with you the positives and negatives of incorporation or planning idea’s which are available for sole traders and partnerships. So give us a call for a free initial consultation.
Tax Restructuring Services
- Do you own a number of separate companies?
- Would you prefer a more simplified group structure?
In simple terms, any potential organisation of a company/companies will lead to a tax charge if it is not undertake correctly.
We can help by providing group restructuring advice to mitigate tax relating to the restructure process and dealing with all necessary tax clearance applications with HM Revenue & Customs both from a direct and indirect perspective. Area’s to consider us include;
- Setting up a group structure
- Share for share exchanges
- Group consolidation via member voluntary liquidations
- Substantial Shareholdings Exemption reviews
- Exit planning via purchase of own shares
- Transferring losses via intergroup
IHT – The Background
Having striven all one’s life to build up assets (after the incidence of Income Tax, Capital Gains Tax, VAT, etc) to secure financial peace of mind and to pass wealth on to one’s family eventually, it may seem unfair that a person, or rather their family, is then taxed again on those accumulated assets on death. Nevertheless, this “double” taxation exists and dates back to the introduction at the end of the last century of what might generically be called death duties. The tax applies to all estates over £325,000 in value and is levied at 40%.
Of course Inheritance Tax is something of a political tax and there is no guarantee that the current rules will not be tightened, the tax rate increased and planning opportunities reduced. This is particularly so at the present time with the dearth of tax revenues flowing into the Treasury.
Inheritance Tax can have disastrous consequences for families and lead to a very substantial part of a person’s estate being paid to Her Majesty’s Revenue & Customs. An unwelcome Inheritance Tax bill may necessitate the sale of family assets which the family would have preferred to attain. Such a forced sale may come at a difficult time and result in less than full value being obtained. The tax can have a particularly devastating effect if the assets are not easily realisable. Substantial borrowings might be needed and these may be difficult to service or redeem.
Worst of all, Inheritance Tax can create financial problems and anxiety for a person’s family.
IHT Current Regime
IHT is charged on transfers of capital by individuals. It maybe payable on certain lifetime gifts, on wealth at death, on certain transfers into and out of the trusts and on certain transfers made by close companies.
Every UK domiciled individual has a IHT threshold whereby no IHT is payable. Currently the nil rate band is £325,000 where a surviving spouse or civil partner dies a claim may be made for any part of the nil rate band unused on the death of the first spouse or civil partner to die, to be added to the survivors own nil rate band. Therefore the nil rate band could be as much as £625,000.
How we can help?
Specialist advice and sensible tax planning can reduce, if not eliminate, the tax burden and alleviate the difficulties the liability might otherwise cause.
Although not a comprehensive list, sensible tax planning steps can involve:
- Maximising reliefs and exemptions to minimise the ultimate liability;
- The use of trusts, to retain a degree of control while removing the asset form the person’s estate;
- Tax effective and flexible wills;
- Lifetime giving, while ensuring attendant Capital Gains Tax implications are minimised;
- Moving ownership of assets around a family for greater tax effectiveness;
- Tax planning arrangements in connection with the family home;
- Avoiding pitfalls, such as the gift with reservation of benefit provisions and the Pre Owned Assets rules and the new rules relating to trusts;
Private Client Tax Services
We provide innovative and holistic solutions to wealthy individuals and entrepreneurs both in the UK and internationally. The long-term wealth management solutions we can deliver include not only tax advice, but also encompass our clients’ wider commercial needs. We are committed to protecting and maximising the personal wealth of our clients. For wealthy families, entrepreneurs, professionals and executives alike, we provide expert advice on all aspects of personal taxation.
Farmers Tax Specialists
As farming tax specialist we can help on a number of issues which could be affecting the profitability of your farm such as the burden of the 50 percent tax rate. We can also discuss with you the positives and negatives of incorporation or planning idea’s which are available for sole traders and partnerships. So give us a call for a free initial consultation.
If you are a contractor or self employed then we may have a solution that may help manage your tax affairs and reduce the burden of tax.
Tax Dispute Resolution
Whether your business is currently in a dispute with HM Revenue & Customs or is anticipating a dispute, there are a number of ways in which we help. Litigation can be an effective means of resolving disputes where both parties have reached an impasse. We can draw on many years of experience to assist you with ensuring a suitable conclusion is drawn for both parties.