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