Taxation Services

Access to tax expertise . . .
Planning for and minimising tax liabilities.

Overview

In recent years there has been a plethora of new tax legislation.  This has placed a heavy burden on the profession in order to understand, interpret and advise Clients in the correct manner.

Trusted & Respected

At WNJ, our tax team comprises dedicated tax professionals with qualifications of the highest calibre.  They include members of the Chartered Institute of Tax, The Institute of Chartered Accountants in England & Wales and members of the Association of Chartered Certified Accountants.

Our professional expertise makes us one of the most trusted and respected accountancy firms in Lancashire.  We are able to cope with the heavy demands that the ever changing legislative platform has to offer.

Tax Consultancy

Proactive advice from the experts

There is a great deal of difference between proactive and reactive advice.

WNJ offer a bespoke tax planning service aimed at giving proactive advice thereby reducing your exposure to tax.  Examples include:

  • Remuneration planning and profit extraction.
  • Succession planning on business exits.
  • Company sales and management buy-outs.
  • Inheritance tax and will planning.
  • Separation and divorce or “business divorce”.
  • Retirement planning and pensions.

Tax Compliance

Getting it right all the time

Part of the process of making sure that your tax affairs are correct is ensuring that your returns are submitted on time and correctly.

Let us take the strain

WNJ takes away the strain of these demanding pressures by:

  • Preparing your personal and corporate tax returns.
  • Calculating your tax exposure.
  • Reminding and aiding you in making payment on time.
  • Reviewing and advising on HMRC correspondence.
  • Dealing with HMRC enquiries, investigations.

Remuneration Planning

Future tax efficient incomes

Many of our Clients are faced with the same types of problems – how to structure their affairs in a tax efficient yet cost effective manner.

WNJ have a great deal of experience in ensuring that business owners are tax efficient.

When to extract profit

Whether the individual is a sole trader, a member of a partnership or incorporated we can ensure that his or her affairs are as tax efficient as possible.

Succession Planning

Passing it on in the most efficient way

When ‘exiting’ a business, many owners want to pass the family business on to their children or other family members.  It ensure that their legacy lives on.  However, passing on the family business is usually easier said than done.  It is a complex process that needs to be considered in some detail.

  1. How much involvement would I like with the business moving forward?
  2. Is the business my sole source of income, if so, if I pass it on can I afford to do so?
  3. What are the consequences of passing the business on?

Helping with difficult decisions

Our specialist team will ensure that not only will you pass on your business in a manner that is appropriate for you, but also do it in a tax efficient manner.

Corporate Reconstructions

Get in right first time

Many businesses find themselves in need of reconstructing their business activities.

Reasons might include divesting the company of a trade which has a higher risk profile than the directors would like or the departure or conflicting interests of some of the company’s shareholders.

Constructing a new business solution

Whatever the reason, we will formulate a solution on your behalf and then advise on the tax consequences of what you are trying to achieve.  Where necessary we will write to HMRC and seek clearance and liaise with other professional advisors in order to implement the reconstruction.

Inheritance Tax

Future proofing your tax liabilities

WNJ can help you to understand your options, calculate your liability and plan to reduce your inheritance tax burden.

With the rate of inheritance tax set at 40% this can be a huge proportion of an individual’s estate.  Careful consideration is needed on how this liability can be reduced.

Planning for the future

We have an in-depth knowledge of Trusts, that are fundamental issues to understand, when mitigating your inheritance tax burden.

Staff Incentives & Retention

Planning for employee incentives

Our experience shows that the gift of shares to an employee is not only costly in terms of tax, for both the employer and the employee but usually ineffective from motivational and retention purposes.

Incentives to benefit both company and employee

Our Government has introduced a range of tax efficient ways in which to pass shares to employees in a tax efficient manner for both the individual and the company.

WNJ can help minimise your company-employee risks on two fronts.  The share incentive enhances growth within the company for the business owners but the transaction can also be structured in a manner that ensures a corporation tax deduction for its growth.

R&D Tax Credits

Tax relief for innovators

Research & Development tax relief claims are rising but new figures show that manufacturing companies are falling behind other sectors when it comes to applying for the valuable business support scheme.  Many don’t realise all or part of their trading activities qualify.

Innovation gains financially

HMRC defines a qualifying R & D project as one that “seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty” – and not simply an “advance in its (a company’s) own state of knowledge or capability”.

Our specialist team within our Corporate Tax Department will ensure that you do not miss out on this potentially lucrative financial relief.  It can often result in substantial Corporation Tax refunds by performing an initial review of the company and its trading activities to assess R&D qualification.

WNJ will liaise with HMRC before, during and after the claim process to ensure compliance and success.

HMRC Communications

Help with enquiries and investigations

Dealing with HMRC enquiries can be very time consuming and stressful.  The implications can have a dramatic impact upon the individual or the company being investigated.

Our service will give you an insight into the latest taxation laws and any technical points where you need clarification.

Reduce impact and let WNJ negotiate your case

WNJ has years of experience of dealing with enquiries raised by HMRC Inspectors as well as having the expertise to fight your corner.

We can assist you or your business to deal with certain technical aspects of any enquiry.  Alternatively, we can deal with HMRC on your behalf and negotiate with them directly – thereby lessening the impact upon your life, business and cash flow.

Making Tax Digital

MTD, digitalisation of tax administration, from April 2019

If you are VAT registered then you may need to move to digital record keeping on qualifying accounting software to record your business transactions and submit VAT Returns.

Our dedicated Cloud Accounting Department can help with this.

Used correctly, cloud based accounting software allows business owners to access up-to-date financial information whenever they want. This invariably helps with both strategic and tax planning.

If you are not VAT registered then at the moment, digital record keeping is optional.

Key dates

  • Only VAT registered businesses will need to keep digital records – and only for VAT purposes.
  • They will only need to do so from April 2019.
  • Businesses will not be asked to keep digital records or update HMRC quarterly for other taxes until at least April 2020.

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