Tax, VAT and Making Tax Digital

Tax Planning for businesses and individuals

“No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores”. Lloyd Clyde in the case of Ayrshire Pullman Motor Services v Inland Revenue (1929).

Our tax advisers have a proven track record of helping our clients to structure and manage their affairs, both business and personal, in the most efficient way possible. We place a significant amount of importance on getting to know you so that we understand your objectives, what matters to you and how you see the future panning out.

If you’re a business owner, whether you’re just starting out or are more established, we’ll not only identify the most suitable tax structure for you, but our tax advisers will ensure that it dovetails and complements your personal life and overall aspirations. Wise & Co will also consider other possible key areas, such as employees’ incentives, the implementation of share option schemes, share re-organisations, any key reliefs that you may be entitled to for example Research & Development tax relief, or the sale and purchase of companies.

Guiding our clients with practical as well as technical advice from the start to the end of their journey is central to what we do. Looking at the longer term picture is particularly important with exit planning and capital gains tax planning featuring highly, along with identifying the most efficient way for the owners of the business to be paid, and inheritance tax advice. Our experienced tax team will help find the best solution for you.

Whatever it is, we’ll take a helicopter look at your circumstances and above all our advisers will always try to bring the issues that you may face to your attention, before they arise offering you sound and commercial advice as to how to tackle them.

Making Tax Digital - are you ready?

Are you prepared for providing digital accounting records to HMRC?

Making Tax Digital (MTD) is being slowly rolled out by the government to include more people so it is important to keep up to date and know the rules.

Those businesses whose UK taxable turnover is above the £85,000 UK VAT-registration threshold will have been following MTD rules since April 2019.

MTD has been extended to cover all UK VAT-registered businesses from 1 April 2022. From April 2023 it will also include most business income tax records.

If you’re still getting to grips with MTD, don’t worry so are many other businesses!

What is Making Tax Digital?

Making Tax Digital is a government plan to ensure that every individual and company submit their taxes digitally. Under MTD, HMRC will require electronic reporting on a quarterly basis of your income, expenses and profit and everything will be stored in one place. You will have a confidential Digital Tax Account (DTA) for this.

As mentioned, this has already come into effect for some, and others will need to be compliant by a specific deadline.


Making Tax Digital advice & help!

If you’d like Making Tax Digital advice, get in touch for a chat about what it means for you and receive guidance on how to approach it.

We can help you choose a software package and even train you on how to use it!

Alternatively, if you would prefer someone else to take the strain, you can completely outsource your requirements to our bookkeeping and management accounts service. Our team is here to provide Making Tax Digital advice or assist you as much or as little as you need.


Tax investigations services

You may suddenly find yourself under HM Revenue & Customs’ (HMRC) microscope in the form of a tax enquiry. You could have been picked at random, because HMRC is targeting certain professions, if there is something in particular on your tax return that the inspector wishes to focus on, or the inspector has decided to conduct a business records check.

Regardless of the reason, it is up to you to prove your innocence at your own cost and it can be stressful. But our tax adviser team is on hand; highly experienced at dealing with tax enquiries and liaising with HMRC on behalf of clients. HMRC is opening more and more investigations each year, so taking out fees protection insurance for any professional help and guidance is a good safeguard, should you find yourself or your business in this situation. Wise & Co charge a relatively modest fee, which will give you peace of mind. If you’d like to find out more about how it works and what it covers, click on the following links for further information or contact us.

Fine Art & Antiques

Mrs G is a buyer and importer of Asian art.  She buys a small number of high value artefacts on buying trips to the Far East and then brings them back to the UK for sale.  Her clients are private individuals, and every transaction is different.  Sometimes she buys a number of pieces of art in one transaction making them more difficult to value.

Tell me more