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Tax Services

We have a team of tax specialists who provide tax advisory services for individuals and businesses. Our expert tax specialists will be able to help you with the following tax services:

Inheritance Tax planning

Planning now during your lifetime can ensure you leave your family with more of the money you have earned during your lifetime instead of this going to HMRC. The rate of Inheritance Tax is 40%! 

 

We can help review your estate and advise you about your current exposure Inheritance Tax. We will then provide you with a detailed plan of the options available to you in line with your objectives. This will include advising you of ongoing exemptions available each tax year and one off reliefs that may be available on certain events. 

Let us help you reduce your potential Inheritance Tax liability whilst ensuring your long term objectives are met such as passing your wealth to future generations of your family. 

Wills advice

 

We can liaise directly with your solicitor to ensure that your Will is up to date and meets your objectives from a tax perspective. 

Having a Will in place will ensure that your estate is passed to whom you wish and this can become even more important in the event of divorces, remarrying and children from previous relationships. A Will should be made as soon as you have any asset in your name such as a house and not left until later in life. 

Trusts

 

A Trust is simply a structure which can be used by families for tax planning purposes to help control and protect family assets. You can set the terms of the trust in a Trust Deed, a legal document created by a Solicitor, to control when and to whom any distributions are made. 

We will help you determine if a trust is the right structure for you and your family in line with your objectives. We will also advise which trust type is most suitable for you and your family. Once set up we will continue to help with the ongoing obligations of the Trust such as completing a Trust Tax Return each year and advising trustees and beneficiaries as necessary in order to manage the Trust effectively for you. 

Capital Gains Tax planning

 

If you are thinking of selling an asset such as property, investment shares or your business have you considered the Capital Gains Tax that will be payable on the sale of the asset?

 

If not we can help you calculate the estimated Capital Gains Tax liability and advise on ways to legally reduce your Capital Gains Tax liability by advising you of all the available exemptions and reliefs. We can also advise on how to report the sale of the asset to HMRC and pay any Capital Gains Tax due. 

Please note that from 6 April 2020 if you sell a rental property you will need to report the sale and pay any Capital Gains Tax within 30 days 

Residence and Domicile advice

Residence and Domicile is a complicated area of tax and professional advice should be taken to ensure that you are meeting all of your UK tax obligations. If you were born outside the UK and have come to the UK within the last 15 years you may be deemed to be non-UK domiciled for tax purposes which will allow you to pay tax on the remittance basis. 

With the remittance basis, you pay UK tax on UK gains and income for the tax year in which they occur, but you only pay UK tax on foreign gains and income if and when they’re brought to Britain. We can advise you on your Domicile position and provide you with clarity and help complete your UK Tax Return in line with your Domicile position including all necessary reporting to HMRC. 

If you spend significant time outside of the UK each year or have come to the UK to work for a period of time we can advise on your residence position for UK tax purposes and help complete your UK Tax Return.

Property taxes

If you are buying a second home and have paid additional Stamp Duty Land Tax we can advise on whether or not you are due a refund of the additional 3% Stamp Duty Land Tax you have paid. 

We can also advise landlords on whether or not the properties they own are being held in the correct structure in line with their long term objectives. We can advise landlords about the tax implications of transferring their property portfolio into a limited company or acquiring any new properties via a limited company. We can also advise about the tax implications of transferring property into a Trust for the benefit of future generations of the family. 

Other tax services 

 

Our expert tax specialists also provide the following services:

  • Pension Tax planning 

  • HMRC Enquires 

  • Settlement agreements with HMRC for tax avoidance schemes

  • Non-Resident Landlord Tax Returns 

  • ATED Returns and advice 

If you need any assistance with any of the above services please get in touch and a member of our expert tax team will be happy to discuss this further. 

Contact Us

 Address: 5 Wedgewood Avenue, Birmingham, B70 0FH

Tel: 0121 557 3539

© 2020 by MSB Accountants. All rights reserved. MSB Accountancy Ltd. Registered in England & Wales. Company Reg No: 12640769.