Having been on this journey ourselves, here at Benson’s we realise how exciting but daunting taking the first steps into business can be, especially with official paperwork to complete to ensure your business is set up correctly with HM Revenue & Customs and in some cases Companies House.
Our team are ideally placed to advise you and then implement the best business structure for you. Once you are set up, we can help to take the HMRC compliance burden off your shoulders.
You can then concentrate on developing your business rather than getting bogged down in official paperwork, allowing you to focus on what you really want to achieve.
Our experienced professional tax compliance team are able to assist you in an efficient manner with any annual compliance requirements of both your business, whether you trade as a sole trader, partnership or company, and we can also assist you with your personal tax return whatever your other sources of income, whether it be rental income, savings or dividends.
We are also able to deal with tax credit claims and can review your State Pension eligibility and whether you could benefit from making additional National Insurance contributions to enhance your pension.
Capital allowances are a valuable relief and substantial tax savings can be made by undertaking a detailed review of expenditure incurred on commercial or agricultural buildings. Our team are able to work alongside professional valuers to make sure that maximum reliefs are claimed.
Planning your affairs to minimise the tax your beneficiaries will pay after your day can be a difficult area for many to discuss, but we have a dedicated team of tax advisors who will be able to review your estate and calculate your likely exposure to Inheritance Tax. They will then advise you how you could structure your affairs in a tax efficient manner, planning to obtain maximum reliefs, whilst also achieving your wishes and protecting your wealth for future generations.
Our Trust and Estate Practitioners will also be able to guide you through the process of setting up trusts, advise you on the tax consequences and can assist with any ongoing trust compliance requirements including the preparation of trust accounts, tax returns, inheritance tax returns and registration with the Trust Registration Service.
Our team of tax specialists can advise you on the tax implications of selling or gifting assets away. This is a complex area and advice should be sought at the earliest opportunity to make sure that you are in the best position to claim all available reliefs when the disposal is made.
We are also able to assist with you any reporting requirements on the sale of residential property which is now required within 60 days of completion.