In this world of increasing regulation,a broke government, and a moralistic Prime Minister, one might think that any opportunity to do any tax planning had gone.
No doubt, there are tax strategies that have pushed the boundaries of the law as well as ethics, however, there are many legitimate tax planning opportunities for those individuals and businesses seeking a strategy to help them manage their tax affairs better.
At Samera, we can help you incorporate your business which can certainly have some positive tax consequences, plus help with the whole array of tax planning for your personal and business circumstances.
We have extensive experience in understanding your individual needs and then planning and implementing a solution to meet your needs.
Business Tax Planning
Companies or Individuals we can help you with planning the most effective tax strategy structures for you.
From forming and using Group based company structures to assessing the current structure of your business, we can help our clients, large or small, with a detailed evaluation of their current tax strategies, plus advise on new potential tax arrangements.
If required we work specialist UK and overseas Tax boutiques in providing the best solutions to our clients.
Capital Gains Tax Planning
We have strategies that can help in circumstances pre-disposal and post-disposal.
With capital gains, it is always best to plan ahead as mitigation opportunities post-disposal are more difficult to achieve than in other areas of tax. Therefore if you are planning the sale of any assets please get in touch before you sell the assets.
We consider all aspects of Capital Gains Tax planning including ensuring all necessary reliefs can be obtained.
Dealing with Tax Investigations
HMRC (Her Majesty’s Revenue and Customs) are increasingly launching tax investigations into the affairs of individuals and businesses to raise additional tax revenue. As the economy struggles we anticipate to grow further.
A tax investigation can either be an Aspect enquiry or a Full enquiry, however, they both can be stressful and time consuming for those concerned. Investigating officers are incentivised to try and gain further tax from you in the event of an investigation, therefore it is essential you have a team that understands your business but most importantly understands your needs.
Our team at Samera Tax has extensive experience in dealing with Tax Investigations for Dentists, Doctors and all Healthcare Professionals.
Dealing with investigations can be stressful so it is imperative you have team not only well versed in tax laws but also understand the Dental sector.
Income Tax Planning
In today’s aggressively high tax environment, many of us are more aware than ever of the amount of tax we pay, and therefore wish to explore and understand the planning opportunities available to reduce our tax liabilities. Samera will ensure you achieve this objective.
Inheritance Tax Planning
We are able to provide solutions and planning that will mitigate an estate’s exposure to Inheritance Tax, following death.
As with most areas of taxation, it is often better to plan for such eventualities as early as possible.
We work with solicitors in helping with Estate Planning and drafting of wills, whilst also are active in the ensuring that the inheritance tax planning undertaken is robust enough in the event of a challenge by HMRC.
Incorporation of your Dental Practice
As a firm with extensive experience in incorporating Dental Practices, we have built up much experience in this area. Sole traders, partnerships and expense sharing arrangements can all be incorporated, but it is so important this is done right first time, else considerable problems can manifest later on.
If you feel need an expert in this area (which we strongly suggest) please get in touch with us!
Incorporation of your Dental Practice into a Limited Company
As of the 31st July, 2006 new legal reforms have allowed dental practices to incorporate and begin trading as limited companies. The majority of the company directors must be registered with the GDC as dentists or dental care professionals.
Possible Tax Savings
There are both advantages and disadvantages to the incorporation of your dental practice and you should consider all options carefully. There may be considerable tax savings but not necessarily in all cases, and these are offset by the costs of added bureaucracy, professional fees and start-up costs. For high rate taxpayers, incorporation could have considerable savings for dentists.
The GDC will allow associates to practice through a limited company, however, associates cannot benefit from goodwill when the company is set up and it is possible that HM Revenue & Customs could invoke some penal tax rules to take away any potential tax savings from Dental Associate Limited Companies.
We would recommend that associates carefully consider all the risks before trading as a limited company.In addition, before you consider incorporating your Associate business, you will need to consider your pension arrangements, as the NHS now won’t pay NHS pensions to those Associates that may have incorporated into a Limited Company.
What to do next
Incorporation is not for everyone. It would be prudent to evaluate all the pro’s and cons of incorporation before you decide to incorporate. Therefore, we would strongly recommend we carry out a thorough feasibility study based on your individual circumstances. We stress this is an essential part of the process in order to determine whether trading as a limited company is the right choice for you.
Professional Fee Protection
Samera offers a professional fee protection service to our clients. In the event of a tax investigation, we offer an insurance policy for our clients to take out to cover our fees. Please get in touch with us for details.