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IDENTIFYING WAYS TO MINIMISE BUSINESS’ TAX LIABILITIES

Whilst most individuals in the UK will find themselves paying income tax on their employment income in their lifetime, only a minority will have to deal with how tax is assessed on their business.

At SRG, our tax planning experts work with those who find themselves having to assess their tax liabilities in a different way because of a conscious decision to go into business.

Choosing your business entity

Businesses can be conducted through various types of trading entities: sole trader, partnership, joint venture, limited liability partnership or limited company. Whilst the tax treatment of these structures is important, there can be additional factors that are equally important. These may relate to commercial credibility, limitation of liability, operational flexibility, as well as trade or professional requirements.

Your dedicated SRG adviser can be relied upon to guide you through the various options to choose the most tax-efficient business structure for your new business.

As businesses develop, opportunities for further tax planning may arise. Recently, opportunities have arisen relating to the difference between the top rate of corporation tax, payable on the profits of limited companies and the top rate of income tax, which may apply to other business entities.

Your nominated SRG adviser will discuss any such potential savings with you, taking into consideration the impact of National Insurance contributions (NICs) and the tax treatment of dividends (how post-tax profits are distributed to limited company shareholders). Only after these factors are considered can substantial tax savings be made.

HMRC-compliant tax reporting

At SRG, we also help businesses at all stages of their lifecycles to comply with the laws and regulations, ensuring the correct amount of tax owed is calculated and reported to HM Revenue and Customs (HMRC).

We use the most advanced computer software to ensure that all relevant tax information is presented accurately to HMRC. Aside from our HMRC-compliant tax reporting software, our firm also subscribes to technical publications and databases to ensure our Partners and staff are kept up-to-date with industry best practice and any key changes to legislation.

HMRC also operates strict timetables for the submission of business tax information, along with the payment of tax owed. Failure to comply with these deadlines results in immediate financial penalties. Your dedicated SRG adviser will liaise with you regarding your deadlines and the tax amounts due.

Handling company share issues

If you own a limited company and you’re planning to issue shares to new investors, your SRG adviser can work with you to ensure you company meets the stringent criteria of HMRC to enable investors to claim for income tax relief. Furthermore, these investments in your business will be ring-fenced away from your investors’ capital gains. This can offer huge appeal for prospective investors if your company meets this HMRC criteria.

Understanding R&D tax relief

If your business regularly undertakes research and development (R&D) projects to seek advances in your industry, you are likely to be eligible to claim R&D tax relief. R&D tax credits are tax incentives dished out by the UK government to incentivise R&D within UK businesses. Your SRG adviser can work with you to identify any specific R&D projects that may qualify for these tax reliefs and how to receive them.

Professional advice on acquisitions and disposals

Your SRG adviser will have significant experience in advising on company acquisitions and disposals. This will include everything from the sale of an entire business to the sale of a subsidiary or the retirement of a long-standing shareholder or partner. Your SRG adviser will work with you to consider your tax position, given that any tax savings to other parties can always be reflected in the sale price.

Our team is also well-versed in conducting due diligence for tax purposed on any proposed company acquisitions.

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SRG LLP is a UK limited liability partnership registered in England and Wales under number OC320275 | Registered office: 28 Ely Place, London, EC1N 6AA

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