Make Tax less Taxing
Unfortunately, tax is something that doesn’t go away no matter how busy you are.
As one of the largest accountancy firms in the Borders, we have a team of taxation specialists with a wealth of experience who can help and advise you, letting you get on with your lives and running your business.
Whether you are a private client, sole trader or a large employer, you can count on us to provide you with the advice that’s right for you. We help our personal taxation and our business clients to reduce or even eliminate Income Tax, Inheritance Tax and Capital Gains Tax.
Give us a call to find out how we can help make tax much less taxing.
We can prepare and file your return each year, advising you on tax payments due and we will advise on all reliefs and claims that may be available to you to either mitigate or delay any liabilities.
Our staff are very experienced in dealing with PAYE issues and coding errors. If you are concerned that your tax codes are leading to excessive tax, or indeed inadequate tax being deducted at source we can help resolve these issues.
Our personal tax team can provide you with advice and support in relation to all aspects of your tax affairs. Significant lifestyle changes and life events can impact your tax position quickly. When such events occur (or are anticipated) it is always best to address the tax impact and plan for the change as early as possible, potentially turning complications into opportunities.
Whether you are trying to assist your children with their first step on the property ladder, are reviewing your own inheritance tax position or that of a loved one, or are considering liquidating assets but are concerned about capital gains tax, speak to one of our personal tax team who can help you through this next step with the most efficient tax outcome.
We have many years of experience advising in all aspects of international tax compliance and advice for private clients. We can advise on the following:
- UK tax compliance in relation to overseas income and gains of UK residents
- UK tax compliance in relation to the non-residents working in the UK
- Advice for UK nationals considering a move abroad or foreign nationals considering a move to the UK
- Advice and compliance support for trusts and estates with non-UK assets or non-resident trustees
- Tax advice on share options for internationally mobile employees
- Non resident landlord applications
Property taxation is complex and ever-changing. Our Scottish clients need to consider their obligations to both Revenue Scotland and HMRC. JRW can advise on all aspects of tax planning relating to property ownership, rental and development.
Whether you need to review the options for mitigating income tax or corporation tax on rental income, the application of ‘Additional Dwelling Supplement’ (LBTT) or ‘higher rates’ (SDLT) to an upcoming transaction or the inheritance tax impact of your investments JRW can help.
From 6 April 2020 a UK resident individual disposing of UK residential property is required to submit a ‘Capital Gains Tax on UK Property’ return within 30 days of ‘settlement’ of sale if there is a tax liability arising. The same obligations exist for non-UK residents, albeit the report must be made for non-residents whether or not a liability arises.
This obligation exists whether or not you are in the self assessment system.
No matter what your timescale is, you can be assured that JRW can complete a return for you within days where needed, and for a price that you can afford.
JRW have been doing tax compliance work for trusts since it’s inception almost 100 years ago. We can assist you in your yearly income tax returns and your Trust Registration Service compliance obligations. JRW will also produce trust accounts if required.
We can advise trustees in relation to tax planning, how to make distributions to beneficiaries in the most tax efficient manner and how to wind up a trust quickly and successfully with HMRC. We also handle all aspects of inheritance tax work for principal and exit charges as well as clearance applications.
As part of our tax planning services, we have assisted many clients in establishing trusts for asset protection and inheritance tax planning. We have seen these clients through the whole lifecycle of creation of trust terms, registering trusts, income tax, capital gains tax and inheritance tax compliance throughout the lifetime of the trust and finally all compliance, administrative and tax work on dissolution of a trust. We also act as trustees where appropriate.
Dealing with tax obligations as an executor can be overwhelming. The income tax position of the deceased needs to be reviewed up to the date of death to ensure that all liabilities have been paid. During the period of administration there may also be tax to be reported, either formally or informally, depending on the value of the estate and other criteria. JRW can provide you with the advice and assistance you need to make this process as simple and stress-free as possible.
With the value of property rising rapidly in the Scottish Central Belt and London, many families are now approaching or exceeding the inheritance tax Nil Rate Bands and becoming liable to inheritance tax. JRW can review you worldwide estate to compute your current inheritance tax exposure and go on to provide advice and options to assist you in mitigating that exposure. We have a wealth of experience and knowledge in this area and indeed our Tax Partner, Brona MacDougall is the current author of the Bloomsbury Professional publication ‘Inheritance Tax in Scotland’.
We can also provide advice in relation to domicile and international inheritance tax issues and assist in preparation of IHT400 forms in complex estates.
HMRC has powers to investigate income tax and corporation tax payers at RANDOM.
With the ever increasing risks of full tax enquiries and investigations, it’s worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.
You can get cover for the following:
- Self-assessment enquiries
- VAT enquiries
- PAYE and benefits enquiries
- IR35 enquiries
Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay as a result. We cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.
We are happy to confirm that if an enquiry into an approved COVID-19 Job Retention Scheme grant or Self Employed Income Support Scheme payment is carried out by HMRC, using their Information & Inspection Powers contained with Schedule 36 FA 2008, then our Fee Protection Insurance policy would provide cover for this under the Schedule 36 enquiry provision; subject to usual Terms and Conditions. Please note this does not cover queries from HMRC when making a claim under any of the COVID-19 schemes, only to subsequent enquiries.
You are entitled to arrange your affairs to pay the absolute legal minimum amount of tax.
Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.
We try to do more than just this and are interested in maximising your tax planning opportunities.
We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always fight as hard as we can for our clients.
We can help with tax planning in relation to:
- Personal taxes
- Business taxes
- Tax efficient employee remuneration strategies
- VAT planning
- Inheritance Tax strategies
- Capital Gains
- Profit extraction strategies
- Exit strategies
- Employment status
- IR35 advice
Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. It is important that this work is done in advance and you should contact us as soon as possible.
All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not put at additional risk from a full HMRC Enquiry, or where there are risks, these are pointed out to you.
It’s an unfortunate fact of business life that from time to time there will be disagreement between the taxpayer and HMRC. Sometimes it is the facts of the case that are in question but it is also often the legislation itself that is in question. Tax isn’t always black and white and where this is the case we are happy to argue your case in the strongest possible terms.
As a taxpayer you have many rights and we will ensure they are never forgotten by HMRC.
Disputes can arise in all sorts of areas outside of full enquiries and investigations including:
- Employment status disputes
- Repairs v capital disputes
- Private usage adjustments
- Capital allowances – is it plant or property?
- Settlements legislation – the classic husband and wife company scenario
- Valuations for tax purposes
- Is it a trading activity?
- VAT segregation of businesses to avoid registration
- Employee benefit disputes
We have the specialist tax knowledge to assist with a wide range of tax disputes.