Tax – Private Client
Tax can be a highly complex area where our expertise and knowledge, not only of the rules and regulations, but also the mechanics and nuances can ensure that your business and personal wealth can be protected.
Our skilled tax team is here to ensure that your business and personal tax affairs are dealt with effectively and efficiently. We aim to ensure you are guided in making timely and appropriate tax and planning decisions, and helping in the preparation and submission of those tax forms and documents required by HM Revenue and Customs.
At Alexander Sloan we aim to optimise your tax position and save you money wherever possible through structured tax planning. We monitor the ever changing legislation, helping you to minimise your tax obligations.
Some of the areas where we advise and assist our individual and business clients are outlined below.
Capital Allowances can be claimed by businesses on certain investments and purchases, resulting in a proportion of these costs being deducted from the taxable profits, thereby reducing the tax bill. Capital allowances are available on buildings, plant and machinery, and research and development.
Capital Gains Tax is applied on the gain or profit made when you sell, give away or otherwise dispose of assets owned by you, such as property or shares. Your liability may be reduced by way of a tax-free allowance and additional reliefs, and in certain cases there will be no tax due.
Corporate Restructuring & Succession planning will mitigate any adverse tax consequences arising through mergers, demergers, the cessation of a business and provision for the succession of your business through to the next generation.
Inheritance Tax is liable on an estate if its value exceeds the threshold. An estate may include assets held in trust and gifts made within seven years of death, excluding gifts out of income. Inheritance Tax is payable at 40% on the amount over this threshold.
Non-Domiciliary Tax issues concern individuals living in the UK who are either ‘domiciled abroad’ or’not ordinarily resident’in the UK.These individuals have two choices when it comes to paying tax on foreign income and gains, and it is important to determine the most appropriate course of action according to individual circumstances.
Research & Development Relief is a Corporation Tax relief which may reduce your business or organisation’s tax bill. Alternatively, if you are small or medium-sized, you may be eligible to receive a tax credit instead.
Trusts manage assets – such as land, money, shares or even antiques – for the benefit of one or more ‘beneficiaries’. There are many different types of Trust which can be utilised depending upon your intentions so it is important to consult a specialist.
This list is not exhaustive and we would encourage you to contact us for a tax planning review. By working with us to devise an overall tax plan we can save you money.
When it comes to tax you need an advisor who can navigate the complex tax regime, providing you with professional advice and support in order to optimise your tax position and ensure you comply with all the legal and statutory requirements.
At Alexander Sloan our specialist tax department has the experience and expertise to manage all aspects of your tax affairs. By understanding you, your business and what you want to achieve we can:
- Plan an effective tax strategy.
- Find a balance between your current obligations and future goals.
- Manage your tax liabilities and exposures within the tax system.
Whether you are self employed, in partnership or operating an owner-managed business, our specialist department looks at you and your commitments together to assess whether the overall structure of your tax affairs is working to your financial advantage.
Our tax specialists provide a comprehensive service to a wide range of individuals and all sizes of business, across a wide range of sectors and covering all aspects of corporate and business tax.
Personal tax planning
We offer a specialist personal tax planning service tailored to your individual needs that includes:
- Advice on minimising tax liability for all personal taxes, including:
- Income tax
- Capital gains tax (CGT)
- Inheritance tax (IHT)
- Non-domiciliary taxes
- Completion and filing of relevant returns
- Advice on what payments are due and when
- Advice on trusts and estates
With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.
We can provide you with year round tax advice on:
- Income tax
- Capital Gains tax
- Inheritance tax
- Trusts and estates
- Non-domiciliary tax issues
Every pound of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.
Make sure you take full advantage of the tax saving opportunities open to you.
Self assessment can be a time consuming and often confusing business for busy individuals. We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.
We aim to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment service, including:
- Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
- Calculating your tax liability
- Completing and filing your tax return on your behalf
- Advising you when various payments are due and how much to pay
- Advising on appropriate record retention
- Introducing you to any relevant tax saving ideas
- Representing you in the event of your being selected for investigation by HMRC
We can act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.
Having HM Revenue and Customs conduct an investigation on your personal or business affairs can be lengthy, stressful and costly – no one is immune or exempt from the tax authorities taking a more detailed look at your accounts or tax returns. It is essential that we work alongside you throughout any enquiry which experience shows can past for two or more years.
We aim to draw any enquiry to a speedy conclusion and to minimise any tax, interest or penalties that may ensure should HMRC determine there are further liabilities.
The professional fees for attending to all aspects of the work – discussing this with you, responding to HMRC’s enquires and keeping you informed regarding likely outcomes can be substantial, so our Fee Protection service is an important aspect of ensuring you do not have to concern yourselves with our fees.
Please contact us today to find our more about our Fee Protection service and how the small annual premium could protect you and your business from unwelcome additional costs.
Without Alexander Sloan’s assistance and highlighting the benefits of Xero, I would have wasted so much time and effort. What made the decision straightforward was knowing that I had the support of Alexander Sloan in the background to provide expert assistance when required.
Alan Dickson, Secretary, Grand Lodge of the Royal Order of Scotland