Business Tax

Business Tax Services at Bishop Fleming Chartered Accountants

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.

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Capital Allowances
  • Super deduction
  • AIA
  • Capital allowances on property purchases
  • Freeports
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Corporate Tax

Our experienced corporate tax team offer a full range of tax advisory, compliance and reporting services. We offer effective, pro-active and efficient solutions focused on minimising tax risk and maximising tax reliefs. Below are just some of the areas we cover:

  • Tax compliance services
     
  • Tax reporting
     
  • Tax rates, reliefs and allowances

  • Quarterly instalment payments
     
  • ​​​Loss reliefs
     
  • Corporate tax for large corporates (SAO, corporate interest restriction)
     
  • Year end planning
     
  • HMRC enquiries and fee protection insurance

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Employee Ownership and Share Schemes
  • Employee ownership trusts
  • EMI schemes
  • Other share schemes and share awards
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Employment Taxes

Click here to find out more about our Employer Solutions services.

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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.

Download our Enterprise Investment Scheme factsheet here.

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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.

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Research and Development 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 view our Research & Development Knowledge Hub.

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Seed Enterprise Investment Scheme

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.

Download our Seed Enterprise Investment Scheme factsheet here.

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Succession Planning and Profit Extraction
  • Family investment companies
     
  • Business Asset Disposal Relief
     
  • Pensions
     
  • Inheritance tax planning
     
  • Year end remuneration planning

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

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Transactions and Re-organisations
  • Business acquisitions and purchases
  • Tax due diligence
  • Management buyouts
  • Demergers
  • Corporate reorganisations
  • Substantial Shareholdings Exemption

Click here to find out more about our Corporate Finance services.

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VAT Planning

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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