Business Tax Planning Advice

Stamp Duty Land Tax for commercial premises or land

Stamp Duty Land Tax is a tax payable when buying a commercial property or land above £150,000. Commercial properties are shops, offices, agricultural land, forests, six or more residential properties and other land not for residential use. The rate of tax increases with the value of the property or land. We can calculate the tax liability, submit the application and settle the tax liability on your behalf.

Capital Gains Tax for businesses

Capital Gains Tax is a tax on a gain of a ‘Chargeable Asset’. Chargeable Assets are property which is not your main residence (i.e. commercial premises), certain business assets, shares and most personal possessions worth £6,000 or more. The tax rate imposed depends on your annual income. There are certain exemptions and allowances applicable to a Capital Gain and we would be happy to assist in calculating the liability and advising you.

Agricultural Property Relief  

You can pass some agricultural property free of Inheritance Tax, either during your lifetime or as part of your Will. However, careful investigations must be undertaken as to what qualifies as Agricultural Property. There are strict time limits for how long the land has been occupied and how the buildings on the land have been used. Our experienced team can guide you through the criteria and help simplify the position.

Business Property Relief

Certain business assets qualify for 100% Business Property Relief and others, attract only 50% relief. We will identify when and how those reliefs apply and provide comprehensive advice so you can make lifetime gifts or provisions in your Will in the most tax efficient manner.

Bankruptcy and Insolvency

Bankruptcy is a court process where a person is found to be unable to pay their debts. If the court make a Bankruptcy Order all of the individuals property will vest in the Trustee and Bankruptcy. We can assist you in obtaining the Bankruptcy Order and the enforcement of the Order. Insolvency is where a company is unable to satisfy it liabilities. We can issue Court proceeding and advise on the effect that voluntary or compulsory winding up of the company will have on the recovery of your liability.

Inheritance Tax, lifetime gifts and Trusts

Inheritance Tax is tax charged on a deceased person’s Estate. If the Estate exceeds a certain threshold then tax is payable at 40%. There are a number of ways to make lifetime gifts but in order to ensure that the advice is tax efficient, the exemptions, reliefs and allowances should be carefully considered. The taxation of a Trust can seem complicated but we can assist in identifying the type of Trust and will explain the relevant rules and tax liabilities applicable to those Trusts.
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