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The company is in a very hot market sector and growing rapidly, more than doubling in staff levels and revenues year on year. They faced the typical issues of a growing business and had previously not benefitted fully from tax planning opportunities available.

Key actions:

RJP started looking at tax planning opportunities for the company and its directors. Immediately it was apparent that the company structure was not as tax efficient as it might be and directors were not taking their remuneration in a way that would minimise both their and the company’s tax liabilities.

The company was also missing out on capital allowances tax planning and on an opportunity to benefit from R&D tax credits. Looking ahead to the possibility of selling the company in the future, an EMI share option scheme was implemented to help incentivise key staff members.

Results:

RJP prepared a back dated claim for the previous years’ R&D tax credit entitlement plus submit applications for the current and forthcoming years.

In total we anticipate helping this client to generate tax savings of around £100,000 through R&D tax credits alone.

Services Provided

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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.