Taking Stress Away From Taxes

We don't just prepare your Tax Returns — We Offer Peace of Mind!

Tired of seeing a significant chunk of your hard-earned money taken by taxes? We are here to change that. We are more than just tax preparers—we are your trusted tax advisers, dedicated to helping you keep more of what you earn.

As a firm of Chartered Tax Advisers, we can help you:

Optimise Your Taxes: We ensure you are paying the least tax legally possible by identifying every applicable relief and deduction. Sometimes it's as simple as claiming all relevant expenses—You will be surprised at how often we see allowable expenses not being claimed in tax returns, resulting in higher taxes. Other times, it may involve maximising pension contributions, leveraging Government incentivised investment schemes, or a complete reorganisation of your tax affairs—Our advice is always tailored to your circumstances.

Navigate the Complexities: It's easy to find yourself lost and paralysed by the complex web of taxes, overriding rules and anti-avoidances—we simplify them all for you and tell you exactly what you need to know.

Say Goodbye to Deadline Stress: Why wait until the 31 January deadline to file your tax return? We start working on your tax return soon after the tax year ends to give you peace of mind and allow you to manage your finances effectively. Knowing your tax liability well in advance lets you plan with confidence and avoid last-minute surprises.

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Don’t let taxes cause you unnecessary stress. Let’s have a chat and discover how we can optimise your tax position

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Areas of Expertise

Crypto Assets

Navigating the complex world of Crypto Assets is challenging in itself. Combine that with the evolving tax rules and you can be in for a nightmare without the right tax advice. We specialise in providing expert advice on the tax implications of cryptoassets due to our in-depth knowledge of HMRC’s cryptoassets manual and years of experience in tax advisory, we are well-equipped to help you navigate the ever-changing landscape of cryptoassets taxation.

Understanding Taxation of Crypto Assets

The UK tax treatment of cryptoassets like Bitcoin and Ethereum is determined by their nature and use, not their definition. Whether you are trading, mining, or receiving cryptoassets as payment, different tax rules may apply.

Individual Taxation: We provide comprehensive guidance to individuals on their tax obligations related to buying, selling, or receiving cryptoassets. This includes guidance on capital gains tax, income tax, and record-keeping requirements.

Decentralized Finance (DeFi): As the DeFi space rapidly evolves, so do its tax implications. We stay abreast of the latest HMRC guidelines, ensuring our advice on staking, lending, and other DeFi activities remains accurate and current.

Let us help you confidently navigate the complex world of Crypto Taxes.

Business Incorporations

Sole Traders and Partnerships seeking to incorporate their business can face significant Capital Gains Tax (CGT) liabilities when transferring business assets to a limited company. However, the law offers a way to defer this CGT liability through the availability of Incorporation Relief.

This relief allows you to transfer your business, including all its assets (except cash), to the new company in exchange for shares, deferring the CGT liability until you eventually sell those shares. Essentially, the tax burden is postponed rather than eliminated, allowing you to restructure your business without immediate tax consequences.

However, it’s really important to understand that Incorporation Relief comes with specific qualifying conditions. For example, the entire business must be transferred as a going concern, and the exchange must be solely for shares in the new company.

Navigating these complexities can be challenging, but with the right advice, you can ensure that the incorporation process is both tax-efficient and compliant. Get in touch to find out how you can benefit from the Incorporation Relief.

Residence & Domicile

For individuals with overseas presence and complex personal or financial circumstances, the concepts of residence and domicile play a critical role in determining your UK tax liabilities. Being resident and/or domiciled in the UK can have a significant impact on the amount of UK tax you pay on your worldwide income and gains.

Residence Status: Your tax residence status is determined through what is known as Statutory Residence Test (SRT), which effectively has a number of steps that determine whether you are classed as automatic Non-UK Resident or automatic UK Resident. If either of these tests are not met, then we need to consider other factors, such as the number of days you spend in the UK, your ties to the UK and home etc.

Domicile Status: Unlike residence, your domicile is generally the country you consider your permanent home, and it can be more challenging to change. Your domicile status has significant implications for inheritance tax and the taxation of foreign income and gains. For those with foreign ties or assets, understanding and managing your domicile status is vital for effective tax planning.

Sale of Assets

Sale of assets can result in huge gains and it's crucial to understand your Capital Gains Tax (CGT) implications—ideally before the assets are sold to ensure that an informed decision is made and relevant tax planning opportunities are considered.

It pays to be aware of your CGT obligations, as the lack of awareness can result in severe consequences, including cashflow difficulties. Some of the most common issues we see are:

Gift of Assets: You may not think that gifting an asset to a loved one would trigger CGT and you can be forgiven as you are not receiving any money for it. However, gifting an asset is considered as a disposal at market value is most instances, potentially resulting in significant CGT liability.

Sale of Business: A really generous relief is available to business owners looking to sell their businesses. The relief is know as Business Asset Disposal Relief (BADR) and allows qualifying business owners to pay a reduced CGT rate of 10% on the sale of all or part of their business, up to a lifetime limit of £1 million. This relief is invaluable for those looking to retire or exit their business with minimal tax exposure.

Due to our expertise, we can help you navigate the complexities of Capital Gains Tax ensure that you claim all applicable reliefs, including BADR, and minimise your tax burden.

Foreign Income & Tax Treaties

Foreign income can include earnings from overseas employment, investments, rental properties, pensions etc.

A UK tax resident individual earning overseas income is potentially subject to UK taxes on that income as UK taxes its residents on their worldwide income. This can lead to double taxation if the same income is taxed both in the UK and the country where it arises.

The UK has Double Taxation Agreements (DTAs) with most countries to prevent this. The DTA specifies which country has taxing rights to each income source to prevent double taxation. However, some income could be taxable in both countries, in which case the foreign tax paid is offset against your UK tax liability—ensuring that is not paid twice on the same income.

Careful understanding of the rules around foreign income and DTAs is extremely important to avoid paying higher taxes and penalties.

We can help you navigate these complexities and ensure you claim the appropriate reliefs and take full advantage of DTAs.

Self Employment

As a self-employed individual, understanding your tax obligations is essential to managing your business finances effectively. Your income is subject to Income Tax and National Insurance Contributions (NICs).

You need to maintain accurate records to ensure that your self employment income and expenses are appropriately reported annually through your Self Assessment tax return. Some of the common expenses we see getting missed are:

Use of home: You are entitled to claim a proportion of your home expenses when you are running your business from your home.
Mileage: Commuting for work? You can claim a flat rate deduction for each business mile, provided you have kept accurate records.
Equipment: Did you buy a laptop and a mobile phone for work? You can claim a deduction relating to the business use of the equipment.

Get in touch and we can help you ensure that all income and expenses are appropriately reported on your tax return.

Property Transactions

Whether you own rental properties, are involved in property development, or thinking of buying or selling a property—taxes can have a significant impact your returns. With property taxes being our core area of expertise, we can help you confidently navigate through every area of your real estate journey, whether it's:

Stamp Duty Land Tax (SDLT): When purchasing property, Stamp Duty Land Tax is payable on properties over a certain value. If you are buying additional properties or investing in buy-to-let, higher rates of SDLT may apply. Planning ahead can help you make informed decisions and potentially save the amount of SDLT payable.

Income Tax: If you earn rental income, then it's subject to Income Tax. The rental profits need need to be declared on on your Self Assessment tax return, and deduction is available for allowable expenses such as mortgage interest (subject to restrictions), maintenance costs, and letting agent fees etc.

Capital Gains Tax (CGT): You may be liable to CGT if you sell a property which results in a capital gain. Understanding how to calculate the capital gain and the reliefs available is crucial to stay compliant and minimise your CGT liability.