Business 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 Tax Investigation Service

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 and do business on a global scale. Wherever you do business you will need advisers you can rely on to provide timely advice and support, to help structure your international business affairs in a commercial and compliant way.

We advise clients on the full range of international tax issues be that inbound investment, structuring business in other jurisdictions (Branch vs Subsidiary), transfer pricing policies, withholding taxes, International VAT considerations and global mobility and employment taxes.

We are proud to offer a truly international reach to our clients through Kreston Global - our network of over 100 international firms.

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

Every business will be innovating to seek competitive advantage.  Where that investment in innovation requires a business to seek to overcome scientific or technological uncertainty and break new ground, those efforts can attract enhanced tax relief, or even a repayable tax credit.

The R&D Tax Credit regime is a powerful tool to help fund innovation.  This is a valuable government incentive geared to helping companies at all stages of the business lifecycle who are incurring expenditure on qualifying R&D activities.

Bishop Fleming have significant expertise and experience in helping clients access the benefits of the R&D Tax Credit regime.

Click here to view our Research & Development Knowledge Hub.

A business may undertake a reorganisation for a wide range of commercial reasons, including business expansion, rationalisation or succession planning. Tax is a key aspect of any transaction or re-organisation and brings tax planning opportunities as well as risk.

Our experienced tax team help you to make the most of tax opportunities whilst avoiding tax traps. We work closely with our clients to gain a comprehensive understanding of the commercial objectives, carefully planning the appropriate corporate structures and making use of available reliefs.

Our services include:

• Identifying pre-transaction planning opportunities
• Designing transaction structures tax efficiently, maximising available tax reliefs and minimising tax cost
• Obtaining relevant tax clearances from HMRC
• Tax due diligence support
• Tax advice on warranties and indemnities

We also offer a full range of Corporate Finance Services. Click here to find out more.

Succession Planning and Profit Extraction are key considerations for business owners who want to maximise value from their business, through both ongoing profit extraction and an eventual exit. Business owners can achieve an exit and secure the future of their business through a number of avenues, including family succession, employee ownership or a third-party sale.

We work closely with our clients to determine a tax efficient profit extraction strategy based on their income requirements, profitability of the business and future goals. Our experienced team provides support to clients in developing their exit and business succession plans, ensuring these are structured tax efficiently and meet the commercial objectives.

Below are just some of the areas we cover:

• Remuneration planning - including dividends, salaries, and pensions
• Advising on management buy outs and other forms of employee ownership
• Family investment companies
• Growth shares
• Business Asset Disposal Relief
• Inheritance tax planning

VAT was originally billed as a “simple tax”, but it has become increasingly complex over the years with detailed rules affecting different sectors, industries and organisations, and transactions, in a multitude of ways.

It's not just a question of whether its 20%, or 0% if you sell Jaffa cakes.

Some of the main areas of potential VAT risk and complexity are:  

• Property transactions
• Buying or selling a business
• Imports and exports and cross-border services, particularly with changes to the rules post Brexit
• Organisations that have restricted VAT recovery under the partial exemption and Business / Non-Business VAT regimes

You also have recent additions to the VAT world such as Making Tax Digital, the Domestic Reverse Charge for construction services, new reduced rates and zero-rates, and changes to how HMRC online forms and processes work.

Our VAT team routinely collaborates with other tax specialists in the firm to ensure that a holistic approach is taken and that any VAT planning does not have a detrimental effect on matters such as SDLT or direct taxes. We offer up-to-date and constructive advice on all aspects of VAT, including dealing with HM Revenue & Customs on your behalf, to help you keep on top of your VAT affairs.

Click here to find out more about our VAT services.

Capital Allowances provide significant tax relief to businesses for capital expenditure. With numerous different rules, rates and types of allowances available, our team have the expertise to cut through the constantly evolving legislation, case law, and guidance and ensure you do not miss out on significant tax relief opportunities.

Employee share ownership is a powerful way to incentivise, retain and recruit staff by given them a stake in your company, helping to make the business more productive, profitable and resilient. It can also provide a tool for business succession planning. 

There are many different types of employee share schemes including employee ownership trusts, share options (both HMRC approved and unapproved) and share awards. It is a complex area and the appropriate scheme will depend on the objectives of the business.

Our expert team can advise on the right scheme for your business which may include.

• An Employee Ownership Trust
• Enterprise management incentives (EMI)
• Company share option plan (CSOP);
• Share incentive plan (SIP); and
• Save as you earn (SAYE) scheme.
• Share awards

Our team of employment tax specialists provides a comprehensive range of advisory and compliance services.

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

The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) are great ways for growing companies to raise finance. The schemes are extremely appealing for investors, due to the generous tax breaks on offer.

Bishop Fleming has considerable experience of helping companies to raise finance and to qualify for either 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 Enterprise Investment Scheme factsheet here.

Download our Seed Enterprise Investment Scheme factsheet here.

HMRC Enquiries and Investigations can be stressful, time-consuming and costly for the party involved. As your Accountant we want to protect you where possible which is why we offer a Tax Investigation service which covers you against the cost of professional fees associated with a tax investigation. Click here to find out about this service and how it can protect you.

Taking out Taxwise cover is easy to arrange. Bishop Fleming has its own online portal where this can be purchased online. 

Please speak to your tax contact at Bishop Fleming for more details.