Whether you are an individual, a company, a partnership or any other entity, we provide high-quality bespoke tax planning in connection with all types of tax in order to help you minimise your tax bill, whenever possible.

We advise on the best type of business structure for you throughout the development of your business and/or career including planning your business exit strategy in the most tax-efficient way.

Incorporation Planning

It is vital to have your business structured in the most tax-efficient manner that allows for the growth of the business but at the same time allows you to make use of the financial benefits of careful business planning.

One way to do this may be to incorporate your business, rather than to be trading as a sole trader or partnership.  Having your business in the form of a company can have added advantages too, in addition to any potential tax and National Insurance savings.

Incorporation allows for more flexibility in the way that income is extracted by the business owners.

Careful planning can mitigate tax and National Insurance Contributions costs to a business, thus increasing its profitability.

There can be significant tax savings to be made if a capital value arises on the incorporation of your business.

Case Studies

A client of ours was trading as a sole trader earning approx £150,000 pa when we first met him.  Incorporation has saved him over £300,000 in tax in the last few years.

Another client of ours was trading as a two-partner partnership earning approx £80,000 pa per partner.  Incorporation has saved them over £200,000 in tax in the last few years.

There are many other similar examples of such savings.

Remuneration Strategies

Careful structuring of the business can help increase the net income paid to the owners of the business and to reward the key individuals of the business for their efforts.

Remuneration strategies allow the individual to receive more of their hard-earned income and can be an aid to retaining key individual workers within the company.

Income Tax Extraction Planning

The impact of tax is one of the most important considerations that we all face, both as individuals and in business. The amount of tax and National Insurance that a business pays can have a huge effect on its financial position.

This can be in the form of calculating the most tax and NIC (National Insurance Contributions) efficient manner in which to extract your income from your business, through to one of the sophisticated tax strategies that we can arrange for you as part of your planning.

Inheritance Tax and Estate Planning

We offer a comprehensive service to individuals who are concerned about the impact of Inheritance Tax (IHT) liabilities on their estates. We advise, recommend and assist clients in planning their legal and financial affairs to minimise the impact of taxation on death and the efficient passing of wealth to future generations.

In order to do this, part of what we do for clients includes the following:

• Quantify the extent of any potential Inheritance Tax liabilities.
• Advise on the potential availability of business and agricultural property reliefs that may reduce IHT.
• Advise you on the various reliefs and exemptions that are available to minimise any IHT liability.
• Discussing with you your choice of beneficiaries and your wishes towards obligations to your dependents
• Advise you of the most tax-efficient way of leaving your estate to your chosen beneficiaries
• Advise you on ways that you can protect your estate and the interests of vulnerable beneficiaries
• Where appropriate, examine ways that businesses can be re-structured to improve the availability of these reliefs
• Review the existing management and ownership structure to secure the most efficient ways of passing your business to the next generation while maintaining its structural integrity
• Review the terms of any existing will and advising you of the adequacy for it meeting your wishes
• Assist in the amendment to you will or the preparation of a new will in conjunction with a qualified and competent legal practitioner
• Introduce to you a trusted and suitably qualified independent financial adviser to advise on the benefit or need of suitable life assurance or other forms of insurance or investment-related IHT planning product.
• Assist you in implementing any chosen course of action.

Sales and Acquisitions

Any individual contemplating a disposal or a purchase of a business needs to take early advice before entering into any agreement.  We will work with you and help you through the minefield of any sale or purchase to develop a strategy and to assist in any calculations and negotiations to ensure that you receive the best deal in any bargain struck.

You should have a positive strategic plan for the entire cycle of your business from pre-acquisition, then purchase, all the way through to a potential sale and the most tax-effective vehicle for the eventual sale proceeds.

The aim in any planning is to ensure that you minimise tax on each of these crucial steps in a business life cycle.

Business Re-organisation

As businesses evolve and grow or in contemplation of a sale or management buy-out, it is vital that the business is structured in such a way that you take advantage of the tax breaks and reliefs allowed to certain structures.

A re-organisation may involve the addition or disposal of other companies within a group for tax-planning or business development purposes.

You should ensure that your business is structured in the correct way to allow for sale of future investment.

We can assist you in structuring your business in the most beneficial manner to meet your current and future needs.

To find out more please call 0141 332 6331 or email mail@russell-russell.co.uk