Taxation

Corporation Tax

Corporation tax represents a considerable cost for any business. Add to this the burden of complying with reporting responsibilities, investigations with tax authorities, harsher penalties for non-compliance and your tax liability could be considerably larger than necessary.

We can help you minimise your corporation tax exposure, alleviate these problems and carry out administrative duties to comply with tax legislation. This includes preparing income and corporation tax computations and submitting your corporation tax self-assessment return.

Personal Tax

The tax system is becoming more and more intricate and increasing importance is being placed on the individual's responsibilities. Everyone who is subject to taxation requires professional assistance if they are to optimise their tax position and ensure they meet all the requirements. It may appear an impossible task to make sense of personal tax allowances, and to be aware of your entitlement, but at Kilby Fox we are able to assist and guide you through this maze by completing individual Tax Returns and determining your tax and National Insurance liability.

Capital Gains Tax Planning (CGT)

Capital Gains Tax is a form of taxation that you may be liable to pay if you sell on certain assets for a profit. Examples of assets that would currently be liable for CGT include property and shares.

In terms of property, you may be liable to pay this tax if the house that you’re selling has clearly been used for investment purposes (ie if it’s a second home or a property that you’ve been renting out to gain an income).

Capital Gains Tax needs to be paid by both companies and individuals, although the rules differ.

We can give you all the necessary Capital Gains Tax information and advice to make sure you’re making the most of your annual tax allowances and credits.

Inheritance Tax Planning (IHT) & Estate Planning

Successful Inheritance Tax planning can be judged on two outcomes: whether you have the resources you need, and whether your IHT liabilities are as low as they can be.

Effective Will drafting and Estate Planning, including the utilisation of IHT reliefs and exemptions, requires a small amount of relatively straightforward planning. 

For larger estates, more complex planning can shelter specific assets from IHT, and your investments can be managed to benefit from IHT reliefs. Even with the withdrawal of some tax advantages, trusts can still be a valuable tool, but must be carefully drafted to ensure that they meet your particular needs.

We can help with your estate planning, including succession planning and business exit strategies. We can also help with the drafting and updating of your Will and where appropriate act as Trustees or Executors.

Tax Investigations

No longer dependent on suspicion of irregularity, investigations by the HM Revenue & Customs are becoming more common, particularly with the introduction of in-year inspections for most taxes.

The focus on tax compliance is increasing. If you want to make the most of your relationship with HM Revenue & Customs (HMRC), then you need an adviser who knows HMRC’s structure, practises and compliance processes inside out.

Our experienced team will act as your adviser throughout the process to ensure that you are properly informed and represented.

Probate

When a person dies somebody has to deal with their estate (money, property and possessions) by collecting in all the money, paying any debts and distributing what is left to those people entitled to it. Probate is the court’s authority, given to a person or persons, to administer a deceased person’s estate. The document issued by the Probate Service is called a Grant of Representation (sometimes referred to simply as obtaining Probate).

Kilby Fox will be able to work with Executors and beneficiaries of the will throughout the probate process to ensure the assets are identified, any claims on the estate are established, taxes are paid and that the assets are correctly distributed among the beneficiaries. Where there is no will, we will advise on the laws of intestacy and assist with the administration of the estate.

This expertise, along with a sensitive and understanding approach, makes Kilby Fox the ideal advisor to help you through what can be a difficult time.

If you would like more information on any of the services mentioned above, or would like to arrange a free consultation with one of our team, please contact us on 01604 662 670 or register with us and request a call back!