Chartered Accountants

Tax Planning

Our partner-led service delivers practical and tax efficient solutions.

We are able to deliver innovative solutions through an open dialogue with you. We invest time, up front, to understand your needs. We listen to you, so that, in partnership, we create the plan to achieve your goals.

Equally important to initial planning is adapting the strategy to future changes. Tax planning for us is not a one-off exercise, but a continual process.

With offices in Sherborne and Newbury, we are specialists in tax advice and planning, including share schemes and mergers and acquisitions, whilst we also provide compliance statutory accounts production and corporation tax. In addition, the personal tax needs of company owners and directors are met via personal tax advisory and compliance services.

Personal Tax

Our primary concern in compliance is to ensure an efficient service, to give you maximum time to budget for the payment of tax.

Staff are allocated for the right level of experience for the complexity of your affairs and to identify planning opportunities.

Business Sale and Retirement

The flat rate capital gains tax charge is 20% for higher rate tax payers and 10% for others.

The principle reduction available is known as 'entrepreneurs' relief', under which £10 million of capital gains is taxed at a rate of 10%, rather than 20%.

The key features of the relief include:

  • it is a lifetime allowance of £10 million, so that gains realised at different times may be eligible for relief;
  • it applies only to individuals;
  • the disposal must represent a material disposal of an interest in a business;
  • for shares, the individual must own 5% and be an employee/officer and it must be a trading company or group;
  • the shares/asset must have been held for a minimum of 2 years;
  • as with all tax planning, care must be taken to ensure that 'entrepreneurs' relief' is available and that nothing is done to jeopardise it.

Business Purchase

Your principal decision is whether to purchase assets or shares.

The tax position is very different and the correct decision will be guided by the objectives of your purchase and your existing tax profile. If the business is to be purchased using future profits, then the tax and legal consequences of deferred consideration have to be considered.

Research & Development Tax Relief

Research & Development tax relief applies to a wide range of businesses.

The corporation tax relief is 225% of monies spent. We assist you in establishing eligibility, the basis for the claim and recording the supporting data. Where appropriate, we advise you on using external experts to manage and make the claim, often on a 'no win, no fee' basis.

Pre Year End Tax Planning Meeting

We offer a pre year end tax planning meeting to all clients.

The scope of the meeting is dictated by your circumstances, but it can range from the forthcoming year end to retirement in 15 years.

We use our wide experience to ensure that future developments in your business take advantage of tax breaks.

Capital Gains Tax

Planning for a business sale must start early to give the most effective solutions. With the right offer, most business owners would sell tomorrow, so the time to start planning is now.

The flat rate capital gains tax charge is 20% for higher rate tax payers and 10% for others. The principle reduction available is known as 'entrepreneurs' relief', under which 10 million of capital gains is taxed at a rate of 10%, rather than 20%.

The key features of the relief include:

  • it is a lifetime allowance of 10 million, so that gains realised at different times may be eligible for relief;
  • it applies only to individuals;
  • the disposal must represent a 'material' disposal; for shares;
  • the individual must own 5% and be an employee/officer and it must be a trading company or group;
  • the shares/asset must have been held for a minimum of 2 years.

As with all tax planning, care must be taken to ensure that 'entrepreneurs' relief' is available.

If you hold non business assets, such as a second home or a holiday home, there are fewer reliefs to minimise tax, but timing of disposal can be an important tool to minimise and delay tax.

Inheritance Tax

Planning for inheritance tax does involve difficult and sensitive decisions.

We use our experience to guide you through this process. However, the success of inheritance tax planning is finding the balance between gifting capital now and ensuring that surviving dependents are left with sufficient to maintain their standard of living. The use of trusts does have a place for some, depending on circumstances, and we can advise on this.

They have excellent communication with their clients. I have spoken to Silbury more in the last 6 months than with my previous accountant in the last 2½ years.

Swindon  [ more ]

ICAEW (Institute of Chartered Accountants in England & Wales) logoCIOT (Chartered Institute of Taxation) logoSherborne Chamber of Trade and Commerce logo

Silbury Chartered Accountants, Oak Apple House, North Street, Milborne Port, Sherborne, Dorset DT9 5EW

01935 814586office@silburysbg.com