There are times when only a true specialist will do. In the complex and ever-changing world of tax, your adviser needs to be up-to-date, knowledgeable, widely experienced – and focused on the issues which really matter. Pierce’s renowned team of experts provide first class advice to business owners and individuals across the region. With dedicated expert practitioners, each working in a specialised area of taxation, our service has unrivalled strength and depth. A structured approach to taxation is fundamental to the success of any business. Pierce’s comprehensive service is based on over 80 years’ experience of guiding large and small businesses – and individuals – through the maze of tax legislation.
The aim of remuneration planning is to produce the most income in the most tax efficient manner however this is not always as easy as it sounds as there is a wealth of anti avoidance legislation to negotiate where sophisticated planning is contemplated. Most OMBs will have the option to choose between salary and dividend and most remuneration packages will contain elements of both. Pension contributions, health insurance, life cover, company cars and other benefits also have a place in planning particularly if a car is a low emission vehicle with a low benefit in kind tax charge.
Remuneration planning for employees may have a slightly different emphasis as the purpose could be to recruit or retain staff or simply to improve morale but again it should be done in the most efficient manner for the business.
Inheritance Tax Planning
There is more to inheritance tax planning than tax! At Pierce we prefer to take a more holistic approach to planning and will spend time with a client to gain a good understanding of their wishes, their family relationships, and their income and capital needs in retirement. Only then would we make any recommendations in respect of steps that they can take to reduce their exposure to inheritance tax which could include lifetime gifts and the use of trusts.
Capital Gains Tax Planning
In an ideal world Capital Gains Tax planning should always be carried out before a disposal and not after! At Pierce we like to stay close to our clients to enable us to spot opportunities for planning, some as straightforward as recommending the transfer of an asset into joint names prior to sale. Planning for business sales is important and we can advise on both asset and shares sales and ensure that the conditions are met to enable a successful Entrepreneurs’ Relief claim to be made. The Capital Gains Tax exemption for the disposal of a private residence offers planning opportunities and we can also advise on non-residence issues.
Where planning has not been carried out prior to a disposal, there are still options that we can recommend to clients to reduce their liabilities by deferring a gain into an investment under the Enterprise Investment Scheme.