Islam & Co

Chartered Accountants & Business Advisors

    • Tax

    We ensure that you or your business are meeting the legal obligations regarding tax. We liaise with HM Revenue and Customs and Companies House on your behalf if any issues arise. Other responsibilities include tax planning and ensuring regulatory compliance and adherence to the governments tax procedures are carried out.

    Our experts can help you plan all aspects of tax including:

    • Inheritance tax
    • Capital gains tax
    • Income tax/NIC
    • Business tax
    • VAT
    • Buy to let taxation

    Business tax:

    We can offer you guidance regarding your business’ tax with:

    • Corporation tax
    • Income tax and National Insurance
    • Value Added Tax (VAT)
    • Payroll taxes (PAYE)
    • Construction industry scheme tax (CIS)
    • Applicability of IR35 tax rules
    • Tax treatment of Repairs v Capital (reflecting HMRC guidance)
    • Stamp duty and stamp duty land tax

    Income tax:

    We ensure our clients understand how to minimise their overall income tax and avoid penalties, protecting them against potential tax enquiry.

    We can help you with:

    • Taxation on buy-to-let properties
    • Disclosure and taxation of benefits in kind
    • Income tax on pension and investment income
    • Utilising both spouses’ basic rate income tax bands
    • Claiming maximum relief for contributions into pensions

    Corporate tax:

    We provide specialist tax advice with:

    • International challenges with our global tax expertise
    • Buying and selling a business, mergers, flotation, management buy-out and exit planning property
    • Planning and due diligence
    • Maximising tax relief research and development
    • Pensions
    • Partnership/profit sharing
    • Methods of profit extraction
    • Business/incorporation
    • Corporate tax self-assessment
    • VAT and PAYE planning
    • Compliance with HM Revenue and Customs requirements
    • Managing impacts of a tax enquiry or investigation

    Indirect taxes:

    Our experts can help you with:

    • Implementing VAT structures in your business
    • International tax
    • Land/property
    • Expert advice with specific tax solutions
    • Acquisitions and disposals
    • Investigations
    • Penalties and interest, returns and payments, registration, reviews, and audits
    • Compliant with HM Revenue and Customs requirements
    • Managing the impact of a tax enquiry/investigation

    Inheritance tax:

    Prior to any detailed inheritance tax review or planning, it is crucial to determine your overall inheritance tax goal. These usually comply with one of the following model tax strategies:

    • Maintain wealth in the form most convenient to you
    • Take out life insurance to fund inheritance tax liability
    • Follow a balanced approach

    Depending on your circumstances, there are numerous ways to mitigate this tax which we can help you with:

    • Creating life-time trusts
    • Making life-time gifts of chargeable assets
    • Tax efficient writing of Wills
    • Making a post-death deed of family arrangements
    • Restructuring overall investment portfolios to hold assets that will be eligible for Business Property Relief and Agricultural Property Relief

    Tax Investigations:

    We can guide you with any investigation involving tax, this includes:

    • Income tax
    • Corporation tax
    • Inheritance tax
    • Employment taxes and National Insurance
    • VAT
    • IR35 Status Dispute
    • Expert advice with serious fraud investigations initiated by either specialist investigations, a Civil Investigation of Fraud team, or criminal investigations
    • Managing voluntary disclosures
    • Act on your behalf to HM Revenue and Customs Liechtenstein Disclosure Facility

    Tax Efficient Remuneration:

    As tax rules continuously change, business owners’ remuneration must be frequently reviewed to remain tax efficient.

    We would consider examining whether the business will best run as a limited company, sole trader, charitable, or LLP

    If operating as a limited company:

    • Consider looking at the combined business and personal tax ‘picture’, and optimising the retained profits, salary, bonus, and dividends

    We would also:

    • Compare income, capital gains, and inheritance tax issues if the business occupies owned premises
    • Examine the acceptability to receive taxable benefits in kind
    • Confirm the remuneration split assists with research and development tax relief claims and Grant Funding Criteria

    For all your tax needs, contact us on 0151 236 6964 or info@islam-co.com

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