Tax is the financial contribution that businesses and individuals pay towards government revenue and public services, which can include, education, the NHS and benefits.
Salary and additional working income, residential and commercial property, employee benefits, partnership profits and interests on savings and investments are all taxable in the UK. As a taxpayer, it is your responsibility by law to keep records of your income and expenses you claim against tax, as you will need these records if HMRC asks for a tax return.
Taxation is a constantly evolving and complex area of law, however we offer direct access to our panel of taxation barristers, with all-inclusive paralegal support to assist with a wide range of tax queries and issues.
Our tax specialist’s up-to-date industry knowledge and financial expertise ensure that you receive the best strategic advice so you and/or your business are tax efficient. We can also assist you with implementing procedures that effectively reduce your tax liability.
Working nationwide, our direct access barristers regularly act for clients who need help with personal and commercial tax-related issues, including, income and capital gains taxes, inheritance tax, real estate planning, offshoring and domiciling, international transactions and tax relief.
We represent every kind of taxpayer, from High Net Worth Individuals (HNWI), investors and large corporations to start-up entrepreneurs and property owners. Our paralegal experts provide innovative tax solutions for both private and corporate clients on tax audits, pursuing administrative or tax appeals and litigious support for contentious tax disputes to ensure you have the best defence in front of the Tax Tribunal and high courts.
Our direct access barristers also coordinate with accountants, Tax Investigation practitioners and HMRC Officers to understand the nature of your tax issue so we can resolve the issues quickly and amicably.
Your tax issue may involve, Alternative Dispute Resolution (ADR) and possible litigation which could result in unforeseen and costly legal fees. However, our legal experts can offer you cost-effective payment solutions to minimise your costs upfront, so you can receive the advice you need today.
To receive legal advice on your tax matter, additional paralegal support and affordable payment plans, contact a member of our legal team now on 0800 888 6760.
If you have already appointed a taxation barrister to your case, we can still offer you paralegal assistance and cost-effective payment solutions. We will make all the necessary arrangements on your behalf. Start your payment plan now.
Our tax specialists can advise clients on a wide range of tax related matters including:
• Personal income Tax;
• Corporation Tax;
• Inheritance tax;
• Vat, Import and Duty;
• Exit strategies and capital gains tax planning;
• Buying or selling your home;
• Domicile & overseas tax;
• Capital gains tax; and
• Tax Fraud.
Personal income tax
Income Tax is a tax you pay on your financial earnings, dividends and benefits. However, you don’t have to pay tax on all types of income. Income is taxed at different percentage rates depending on the amount of your taxable income after deducting allowance and reliefs.
If you are a taxpayer, you must, by law, keep filings and records of your income and any expenses you claim against tax. HMRC will collect income tax through; deductions at source; Pay As You Earn (PAYE), bank and building society interest or by self-assessment.
You will need to pay income tax on:
• Money earned from full-time and part-time employment;
• Profits you make from self-employment, including ecommerce services;
• Some social security benefits;
• Most pensions, including company and personal pensions, state pensions, and retirement annuities;
• Rental income;
• Personal trust income; and
• Employment benefits, including company cars.
Most people in the UK get a certain amount of Personal Savings Allowance of tax-free income each year. With the right structuring, the amount of tax you pay can also be reduced by tax reliefs if you qualify for them. Income Tax is no longer automatically taken from interest on savings and investments. Personal savings allowance applies to interest you earn from any non-Isa savings accounts, current accounts and some investments.
You should contact HMRC’s Income Tax helpline straight away if:
• You are close to the deadline for income tax payment and can’t afford to pay;
• You believe your statement is incorrect; or
• You’ve already missed the deadline.
If you have passed the deadline for filing personal income tax, you should seek legal advice at the earliest opportunity. Our direct access barristers can help you organise a ‘time to pay agreement’ with HMRC, to give you a chance to pay in affordable instalments and avoid tax penalties. If you are more than 30 days late with payment, HMRC has the right to charge 5% of the original amount you owe, plus interest.
Our personal tax barristers and paralegals can advise with:
• Remuneration planning;
• Trust and estates;
• Wealth management; and
• Personal tax investigations.
Working nationwide, we can advise clients on a range of persona tax matters. Our direct access barristers help a wide range of clients including High Net Worth Individuals, partnerships, landowners, farmers, entrepreneurs and international clients.
Our additional paralegal support services are here to help you with administrative aspects surrounding your personal tax issue. We can collect all the necessary documentation, advise on tax deductibles and provide litigious functions if required.
We aim to protect and maximise your wealth by implementing practical solutions tailored to minimising your tax exposure. We can give you legal advice on personal savings allowance, non-taxable income and concessions. Our tax specialists can also negotiate with the HMRC on your behalf to settle ‘time to pay agreements’ and reduce tax penalties.
To find out more, get in touch with one of our tax specialists today for tactical paralegal assistance, sound legal advice and cost-effective payment solutions on 0800 888 6760.
Virtually all commercial transactions have tax implications. Taxable profits from corporation tax may include, investments, trading profits and chargeable gains from selling business assets. The current corporation tax rate for company profits stands at 19%. You may be able to get deductions or claim tax credits on your Corporation Tax. These are known as reliefs.
You can deduct the costs of running your business from your profits before tax, when you prepare your company’s accounts. Anything you or your employees get from personal use from must be treated as a benefit.
Your business may be able to make a claim for:
• Research and Development (R&D) Relief;
• Patent Box if your company makes a profit from patented products or designs;
• Community Investment Relief for creative industries if your company makes a profit from theatre, film, television, animation or video games; or
• Disincorporation Relief if you’re dissolving your company to becoming a sole trader, ordinary business partnership or limited partnership.
HMRC expects you to take reasonable care over your company’s tax affairs. If you took reasonable care but still made a mistake, HMRC may not charge a penalty or the amount of the penalty may be reduced.
You may be given corporation tax penalties for:
• Not filing in your company tax returns on time;
• Inaccurate company tax returns documents and information;
• Insufficient records;
• Deliberately concealing information.
We offer all-inclusive paralegal support on tax planning, compliance and penalties. Our direct access barristers work closely with you to understand the nature of your corporate tax issue and coordinate with other financial advisors including qualified accountants, chartered tax advisors and former tax inspectors.
Advising on the most tax-efficient means of acquiring, selling or restructuring your assets, our corporate tax barristers will negotiate on your behalf while our paralegal experts will collect all the necessary documentation for the transaction, to ensuring the smooth completion of the deal. On the contentious side, our direct access barristers can advise on all aspects of tax litigation and investigations, including settlements with tax authorities.
We can assist you with tax clearances, accounting records, company tax returns, stamp duty, corporation tax disputes and appeals. Our direct access barristers are on standby to advise you on an optimum tax structure for your business. Our paralegal experts also have a wealth of experience in drafting and negotiating tax deeds and warranties.
If you are concerned about the legal costs involved we’re here to help. Our legal experts may be able to cover all your legal fees upfront, so you can receive the legal support you need today.
Get in touch with one of our corporate tax experts now, to receive all-inclusive paralegal support, pragmatic legal advice and cost-effective payment solutions on 0800 888 6760.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has passed away. Property inheritance tax planning can make a substantial difference in the amount of assets your beneficiaries and loved ones receive from you, so it’s important to think ahead. In April 2017, changes were made to Inheritance Tax law, which may benefit people who want to pass on their estate, including their home to loved ones.
You do not have to pay any inheritance tax if:
• The value of your entire estate is below the IHT threshold of £325,000;
• You leave everything to your spouse or civil partner; or
• You leave everything to an exempt beneficiary.
If you are under the nil-rate band of £325,000, your estate will not be subject to any inheritance tax. Any estate value above £325,000 will be taxed at a rate of 40%.
Each individual’s inheritance tax valuation differs on personal circumstances and accumulated wealth, but our tax specialist can help you reduce your tax liabilities by:
• Placing individuals assets into a trust;
• Transferring unused nil-rate allowances from a deceased spouse or civil partner to the survivor;
• Business succession planning and business property relief
• Giving lifetime gifts of money or property;
• Taking out insurance policies; and
• Deeds of variation.
Inheritance Tax Relief is not an automatic entitlement, so it’s important to seek legal advice from an experienced tax barrister so you can have peace of mind that you’re receive the full relief.
We offer clients direct access to our panel of inheritance tax barristers, with all-inclusive paralegal support to help you throughout your inheritance issue.
Our paralegal experts can advise on how inheritance tax changes will affect your estate and help you draft or make necessary amendments to your Will. Our will writing paralegals can also help you take advantage of the new Residential Nil-Rate Band if you don’t have a will already. We can successfully negotiate the availability of relief from inheritance tax on valuable assets, including heritage property.
Our inheritance tax barristers can help you create a family investment company, designed to meet the individual needs of your family, to protect assets and offer significant tax saving opportunities.
We can provide the latest inheritance tax reliefs strategies and succession planning so that your loved ones are taken care of. Our taxation specialists work closely with you to deliver practical and flexible advice to mitigate tax liabilities and maximise opportunities for tax relief. Don’t hesitate to contact a member of our legal team today for additional paralegal support, tactical tax advice and affordable payment plans on 0800 888 6760.
VAT, Customs & Excise
You may have to pay VAT, Customs Duty or Excise Duty on goods sent from outside the European Union (EU) before you can collect them. This is known as ‘indirect tax’. Individuals may be charged with customs duty on gifts or other goods sent from outside the EU, if they’re above a certain value. Manufacturers of goods made in the UK and exported will also be charged excise duty.
VAT rates are based on the total value of:
• The price paid for the goods;
• Postage, packaging and insurance; and
• Any further excise or customs duty you owe.
We can advise on all VAT and custom matters related to market access and import/export difficulties, including, customs valuation, EU Tariff classification and quotas, and duty reduction appeals.
Our paralegals can assist with filling in custom declaration forms and negotiate the release of goods that have been held up or seized by HMRC or UKBA at the ports. We can also help with applications for repayment and remission of duties, country of origin disputes, waiver and mitigation applications, binding tariff applications and customs civil evasion penalties.
Get direct access to barristers to assist you in negotiations of commercial transactions with import brokers, suppliers, and logistic companies. They can also help you resolve disputes that may arise in existing commercial deals, through arbitration and mediation. However, if all other avenues of dispute resolution have been exhausted we can provide the best representation to appeal in the Tax Tribunal hearing.
Individuals may want to challenge the decision made by HMRC, Border Force or the National Crime Agency (NCA). Our VAT and custom barristers are here to assist you every step of the way through your appeal.
If you are concerned about the legal fees involved, don’t worry, we’re here to help. We can offer you affordable payment plans to manage your costs upfront through convenient monthly instalments. Contact one of our tax specialists today for legal advice and cost-effective payment solutions on 0800 888 6760.
Exit strategies and capital gains tax planning
Exit strategies and capital tax planning are essential for directors and individual shareholders who want to maximise the value of their business assets, and lawfully minimising capital gains tax liabilities when they choose to leave, sell, or retire from their business.
Effective exit planning allows business owners to leave, knowing they have protected their assets, their employees and shareholders from tax exposure and to ensure the continued success of the company after their departure. Capital gains tax is charged on disposals during the tax year, after deducting total allowable losses.
You may be liable for capital gains tax if:
• You’re a company shareholder and decide you wind up your company; or
• You sell business assets, strike it off the Companies Register and intend to keep the cash proceeds.
However, you may be able to reduce or delay the amount of capital gains tax you have to pay, if you meet the eligibility requirements for tax relief. In some situations you may be able to claim Disincorporation Relief if you become a partnership or sole trader having been a limited company. Disincorporation Relief allows companies to transfer business assets to its shareholders without incurring a charge for corporation tax on the disposal of the assets.
Our Capital Gains tax barristers offer comprehensive legal advice on:
• Chargeable gains;
• Allowable losses;
• Capital gains tax reliefs on shares;
• Entrepreneur’s relief;
• Commercial real estate relief;
• Tax deductible expenses;
• Gift hold over relief;
• Private residence relief;
• Business asset roll over relief;
• Maximising venture capital reliefs and
• Passing assets on to children and grandchildren.
You are requested to pay tax on any increase of shares over and above the value of when you received them, which may include Business Asset Taper Relief or other reliefs.
When you raise the final sales invoice in your company and realise the proceeds from the sale of your business, you need to consider exit planning so as to maximise the net return by minimising the capital gains tax (CGT) on sale.
Selling a company is one of the most complicated transactions in terms of tax, therefore it’s advisable to seek legal support at the earliest opportunity. Our panel of direct access barrister have a wealth of experience in capital gains tax and can help you implement exit planning strategies to effectively reduce your tax liabilities.
Taking a new approach to direct access, our additional paralegal support services, effectively cut your legal costs by helping to manage all the administrative aspects of your exit strategy and capital gains tax issue. After all, why pay solicitors and barrister’s rates for document management tasks that paralegals experts could handle themselves.
To discuss your exit strategy or capital gains tax issue with one of our corporate tax barristers, don’t hesitate to get in touch with us today. We can offer you all-inclusive paralegal support confidential legal support and cost-effective payment solutions to minimise your legal fees upfront. Contact a member of our legal team on 0800 888 6760.
Buying or selling your home
Property taxation in the UK is a very complex area of law. When you buy a property or move house, there are many different types of costs you need to consider apart from the main transaction. Apart from mortgage fees, individuals must ensure that they are paying the correct amount of tax.
You may need to pay:
• Capital Gains Tax when you sell a home; or
• Stamp Duty Land Tax (SDLT) when you buy a home.
If you buy a property or land over a certain amount in England, Wales and Northern Ireland you must pay Stamp Duty Land Tax (SDLT) on the purchase price of the lease. The current SDLT threshold is £125,000 for residential properties and £150,000 for commercial properties, non-residential land and mixed use land.
You may be able to reduce the amount of tax you pay by claiming relief, if you own more than one property, are a residential landlord or if the property is being used for a charity.
You don’t have to pay SDLT or file a tax return if:
• The property was left to you as a form of inheritance;
• You buy a freehold property for less than £40,000;
• The property was transferred due to divorce or dissolution of a civil partnership; or
• You buy a new lease of 7 years or more, as long as the premium is less than £40,000 and the annual rent is less than £1,000.
You will also need to pay capital gains tax on chargeable assets that may include, buy-to-let properties, inherited land or business premises. However, when you sell a second property, a proportion of the profits you make can be earned tax-free, through capital gains tax allowance.
You may get capital gains tax relief if the property was:
• Your main home;
• Occupied by a dependent relative; or
• A business asset.
If you believe you have a number of taxable assets involved, you should seek legal advice at the earliest opportunity.
Our tax barristers and paralegals deliver strategic advice on a range of property issues involving:
• Stamp Duty Land Tax structuring;
• Construction Industry Scheme (CIS)
• Private resident relief;
• VAT structuring and the capital goods scheme;
• Real Estate Investment Trusts (REIT) and Property Authorised Investment Funds (PAIF);
• The application of entrepreneur’s relief to trade related land disposals;
• Artificial transactions in land implications of acquisition, development and disposal by UK and non-UK clients; and
• Letting relief.
We offer comprehensive advice on all areas of stamp duty land tax and capital gains tax, including the tax implications of property investment, SDLT considerations, financing and development transactions to minimise your liability to HMRC. Our direct access barristers work closely with you, your conveyancer, surveyors and third parties to deliver a high-quality and cost-effective solution to complex tax issues that may involve stamp taxes, VAT and capital allowances.
Combining in-depth knowledge of the property drivers with expertise in tax law, our panel of property barristers and paralegals provide clients with the most up to date solutions to minimise their tax liabilities.
For up to date property tax advice, paralegal support and cost-effective payment solutions contact one of our legal experts today on 0800 888 6760.
Tax fraud occurs when a business or individual intentionally falsifies information on tax returns in order to reduce the amount of tax liabilities. Tax fraud may include claiming too many personal expenses as business expenses, falsifying deductions and not reporting all profits made. It can also include illegal smuggling goods that are liable to VAT, customs and excise duty. Failure to provide accurate information may constitute tax fraud.
It can feel very daunting to receive information about HM Revenue & Customs investigations as these can lead to further litigation and possible criminal charges. However, if you seek advice from highly experienced tax barristers they can help guide you through the whole process.
Provided the taxpayer makes a full and complete disclosure to HMRC of all previous errors and omissions, cases of tax fraud and tax evasion can be quickly resolved by arbitration and mediation, without having to resort to litigation and criminal prosecution.
We offer confidential tax advice to individuals or businesses who have concerns about their tax positions. Acting on behalf of banking corporations, insurers, investment companies, surveyors, medical professionals and financial advisors, our direct access barristers help you resolve tax allegations and HMRC investigations, minimise your tax liability, and ensuring you make a full tax disclosure to avoid criminal charges.
Our tax barristers help clients with:
• Conspiracy to defraud;
• Criminal tax investigations;
• Tax/ VAT evasion;
• Fraudulent trading; and
We protect your assets and business reputation by representing you at every stage of the investigation process. This can includes assisting with search warrants, orders for access to business/personal records, and tax penalties.
If you believe you may have committed tax fraud or tax evasion but have not yet been challenged by HMRC, and you wish to voluntarily get your tax affairs up to date, our paralegal experts can draft a voluntary tax disclosure to the HMRC.
No matter how complex your corporate structure or personal tax affairs, don’t feel like you have to go through this alone. Our panel of taxation barristers and paralegals are on standby to provide confidential and practical solutions, to end your tax dispute quickly and efficiently.
If you’re concerned about the legal costs involved, we may be able to cover 100% of your legal costs, so you won’t need to make any payments until your case is settled. Call a member of our legal team to start your payment plan now on 0800 888 6760.
Domicile & overseas tax
If you’re working across UK borders, or competing in multiple jurisdictions, complying with local tax laws, meeting reporting requirements and correctly filing tax returns can become extremely complex. Non-residents only need to pay tax on their UK income. UK residents normally pay tax on all their income, whether it’s from the UK or abroad. However, there are special rules that apply to UK residents whose permanent home is abroad.
For UK residents working abroad, they don’t pay UK tax on foreign income or gains if:
• They earn less than £2,000 in the given tax year; or
• They don’t bring earnings into the UK through bank transfers.
You must report foreign income or gains of £2,000 or more that you bring into the UK by filling out a Self-Assessment tax return.
In these circumstances, you can either:
• Pay UK tax on earnings that you may be able to claim back; or
• Claim the ‘remittance basis’.
Special rules apply if you work both in the UK and abroad. If you are on secondment, or a company transfer you do not pay tax on foreign income or gains (even if you decide to bring your earnings into the UK). You can do this by applying for the ‘foreign workers’ exemption’.
You can receive this exemption if:
• Your income from your overseas is less than £10,000 per annum;
• Your foreign income has been subject to local tax; or
• Your combined UK and foreign income is within the limit for basic rate Income Tax.
Our international tax advisors offer legal support with:
• Offshore trusts and partnerships for venture capital funds;
• Split-year treatment for residents who leave the UK;
• Non- domiciliary planning for foreigners working in the UK;
• Overseas Workday Relief for secondment workers;
• Business investment in the UK and abroad;
• Incorporation of UK companies to branches of foreign companies;
• International employee restructuring including secondment arrangements; and
• Obtain tax efficiency with dividends and disposals of assets and subsidiaries abroad.
Our direct access barristers have the industry knowledge and cross-border tax expertise to assist individuals and trustees to meet a range of international tax needs.
We provide additional paralegal support to help throughout your international tax issue. This service can be essential for assisting you with documentation management, filing and other litigious functions.
If you are concerned about the legal fees involved, we can also offer you affordable payment plans to help manage your costs throughout the whole process. Don’t hesitate to contact one of our international tax advisors for legal advice and cost-effective payment solutions on 0800 888 6760.
Taxation is a constantly evolving and complex area of law, however our taxation solicitor’s provide up-to-date industry knowledge and financial expertise to ensure that you receive the best strategic advice so you and your business are tax efficient.
Working nationwide, our panel of taxation specialists can advise you on a wide range of personal and commercial tax-related issues, including, personal income and capital gains taxes, inheritance tax, real estate planning, offshoring and domiciling, tax relief and international transactions.
We represent every kind of taxpayer, from high net worth individuals, investors and large corporations to start-up entrepreneurs and property owners. Our panel of taxation barristers provide innovative tax solutions for both private and corporate clients on tax audits, pursuing administrative or tax appeals and litigating tax matters at the Tax Tribunal.
Taking a new approach to direct access we offer additional paralegal support throughout your tax issue, effectively cutting your legal fees. Our paralegal experts can assist with a wide range of administrative tasks and have a wealth of knowledge to advise on the most tax-efficient means of acquiring, selling or restructuring your assets.
Your tax issue may involve litigation which could result in unforeseen and costly legal fees. However, we can offer you affordable payment plans to minimise your legal costs upfront, so you can receive the legal support you need today.
To receive paralegal assistance, tactical tax advice and cost-effective payment solutions contact one of our legal experts now on 0800 888 6760.
If you have already appointed a tax barrister to your case, we can still offer you advice and cost-effective payment solutions. We will make all the necessary arrangements on your behalf. Start your payment plan now.