Business Tax

With the increasing complexity of tax, we can help you to remain compliant with the rules, whilst taking advantage of the numerous tax reliefs and allowances available.

Our award-winning tax team are here to guide you through the minefield of tax compliance and help you minimise your tax liabilities, whilst keeping in mind commercial considerations.

Here are the areas of tax where we can offer specialist advice:

Making Tax Digital

 

The UK tax system is undergoing a digital revolution, with far-reaching consequences for businesses, landlords and taxpayers.

The government wants it to be fully digital, with businesses and landlords having to file their accounts online once a quarter. The exact timetable for this to happen for all taxes remains unclear, and the reforms will not attempt to simplify the tax system; only the way it is administered.

Individual taxpayers with straightforward tax affairs will no longer have to file an annual tax return, but will instead have to confirm their income details in an online Personal Tax Account pre-populated by the tax office from information it has gathered from third parties, such as banks, employers and other government departments.

A summary of the key proposed changes for businesses and landlords can accessed here. The situation remains fluid, as many of the detailed rules and necessary software are yet to be made available.

Enterprise Investment Scheme

The Enterprise Investment Scheme (EIS) is a great way for growing companies to raise finance.

It is also an attractive proposition for investors because of the generous tax breaks on offer. Bishop Fleming has considerable experience of helping companies to raise finance and to qualify for the scheme, as well as advising potential investors on the options available. We ensure that investments are structured in the most tax efficient manner in order to maximise the reliefs available. Whether you are looking to attract finance or contemplating an investment opportunity, our cumulative knowledge, expertise and contacts in the market are available to you to provide you with the best advice. Download our EIS Factsheet for further information.

Income tax relief

As long as the EIS-qualifying shares are retained for at least three years, an individual can reduce his income tax liability by an amount equal to 30% of the amount invested. An individual can invest up to £1m per tax year.

Capital Gains Tax Deferral Relief

Capital gains tax on the disposal of another asset can be deferred where an individual acquires EIS-qualifying shares up to 12 months before or up to 36 months after the asset’s disposal. There is no minimum period for which the EIS shares must be held.

Capital Gains Tax Exemption

As long as income tax relief was given and not subsequently withdrawn on the EIS-qualifying shares, no capital gains tax will be payable on their disposal provided they are held for at least three years.

Loss Relief

Where EIS-qualifying shares are sold at any time at a loss, the loss (less any income tax relief previously given) can be set off against the investor’s income in the year of disposal or the prior year.

Inheritance Tax Exemption

EIS shares that are held for more than two years are normally exempt from Inheritance Tax.

Fee Protection Insurance

Why do I need a fee protection service?

HMRC enquiry activity is at record levels, as they’ve been tasked with increasing tax revenues and have been granted wider powers of enquiry, carrying out Business Record Checks, Compliance Visits and Interventions covering all taxes. Anyone that pays tax can come under enquiry, and many enquiries are selected completely at random. Fee protection insurance helps protect you from this. Even if your tax return and business records are accurate and the taxman finds no errors, accountancy fees can cost thousands.

Our fee protection has no policy excess, a no nonsense policy covering you for dealing with any correspondence from HMRC and attendance at any meeting with HMRC.

Enterprise Management Incentive

Enterprise Management Incentive (EMI) share options are an attractive and flexible method of rewarding key people in an organisation.

Where the qualifying conditions are met, EMI share options are free of both income tax and employers’ and employees’ National Insurance Contributions (NICs).

EMI share options are popular with small companies seeking to grow who need to recruit and retain important employees who have a strategic part to play. A company can grant up to £3m worth of shares under EMI at a given time and an employee can generally hold shares under EMI up to the value of £250,000.

Bishop Fleming has experience of setting up and advising on a number of EMI schemes and is able to advise on the best way to incentivise key personnel as well as providing guidance on the most tax-efficient remuneration packages.

Seed Enterprise Investment Scheme (SEIS)

The Seed Enterprise Investment Scheme (SEIS) was introduced in April 2012 as a useful way for new companies to attract early investment up to £150,000. It is also an appealing scheme for investors because of the substantial tax breaks on offer.

SEIS is a simpler version of the much larger and longer-established Enterprise Investment Scheme (EIS). SEIS is aimed at companies that are less than two years old. Bishop Fleming has considerable experience of helping new companies to find funding and can help them to qualify for the scheme, as well as advise potential investors on the best options available. We will ensure that investments are structured in the most tax efficient manner in order to maximise the reliefs available.

Whether you are looking to attract finance or contemplating an investment opportunity, our cumulative knowledge, expertise and contacts in the market are available to you to provide you with the best advice.

International tax planning

Whether you are a multinational with a worldwide mobile workforce, a business making your first overseas investment or an individual with a second home abroad or emigrating, every action has international tax implications which require expert knowledge and planning to reduce or avoid your exposure to potential tax and other regulatory risk in an international context.

The world has become a smaller place, but in international tax terms, it is bigger than ever. Ease of travel, communications and international trade have increased the opportunity to trade on a global scale.

We act for over 6,000 business and individuals, many of whom have an increasing number of international interests.

Click here to find out more about our International Tax services.

Personal tax planning

Whether it is tax on your earnings, business income, investments or estate, there is frequently a significant amount that can be achieved to minimise your personal tax exposure.

As well as advising on tax-efficient strategies to reduce your liability, we will also ensure you remain fully compliant with all relevant tax rules and procedures. We keep in mind the outcome you are looking for and look to safeguard your personal wealth.

Click here to find out more about our Personal Tax services.

Property Tax

We can give you the best advice on your property deal.

It’s important to check that property deals are structured correctly and in the most tax efficient way possible. If you’re considering a property deal, we can help to ensure that all the tax implications are fully covered.

Bishop Fleming is recognised as a leading property tax firm. We’ve got the commercial acumen and the tax expertise to know how to not only safeguard your investment, but also make the tax system work in your favour.

We can advise on:

  • Buying and selling leasehold and freehold property
  • Assigning or granting a lease
  • Property portfolios within a group of companies
  • Transactions between associated or connected parties
  • Property investment
  • Property development
  • International aspects
  • Surrenders and variations of leases
  • Sale and leaseback
Research and Development (R&D) tax relief

Bishop Fleming has already submitted successful claims for Research and Development (R&D) relief in excess of £250m in the past seven years.

We have considerable knowledge and expertise in the Research and Development market and understand how to use the rules to maximise the claim. It is often surprising for what expenditure claims can be made. Business costs that would otherwise simply be written off could actually be increased for tax relief purposes, resulting in a substantially reduced corporation tax bill, or even a tax repayment to help fund further development.

Click here to find out more about our R&D Tax services.

VAT

VAT compliance is complex and time-consuming.  We can save you time and costs.

The rules are peppered with minefields to catch out the unwary, and infused with a multitude of fines to penalise mistakes. Whether trading locally or in the global marketplace, it is important to ensure your systems and processes are sufficiently robust to cope with VAT compliance

Added to that are the special issues surrounding such matters as property transactions, buying or selling a business, imports and exports, and you can soon find yourself buried under a mountain of regulations.

We can offer you up-to-date and constructive advice on all aspects of VAT. Liaising with HM Revenue & Customs on your behalf, we will keep you on the correct side of the rules.

Click here to find out more about our VAT services.

We'd like to express our appreciation of the excellent support and service received from Bishop Fleming in relation to our R&D tax credit, which has now been approved by HMRC and payment has been received. Due to the quality of the explanation and guidance provided by Bishop Fleming's tax managers, we are now able to take this aspect forward as a regular part of our accounting process.

Bishop Fleming Business Tax Client

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