FAQs

When you sell a business, you provide additional information on your self-assessment return, particularly where reliefs are being claimed. Getting that disclosure right matters. It protects your position and reduces your risk of an enquiry from HMRC. Our advisers will ensure the paperwork reflects your position accurately and completely.

You must keep separate digital records for each business or property. However our MTD-compatible software often allows you to manage multiple income streams within a single platform.

If your UK property income exceeds the threshold, you will need to comply with MTD for Income Tax, regardless of your residency status.

If you are no longer self-employed, a landlord or your income drops below the threshold, you may not need to comply with MTD for Income Tax.

When your business ceases, you will need to notify HMRC that your business has ended after you have made your final quarterly submission.

If your income falls below the threshold, you will only be able to remove yourself from MTD for Income Tax after your qualifying income has been below the threshold for three consecutive tax years.

A plan you made five years ago may need revisiting today. It could be a change in your family circumstances, business, investments, or health. Whatever has shifted, we stay close to you with regular check-ins and proactive updates on legislation changes. And the flexibility to change course when you need to. Your dedicated IHT adviser will flag anything that you need to know or act on.

Here are some of the options that may apply to you:

• Business property relief
• Agricultural property relief
• Spouse exemptions
• Annual and small exemptions
• Nil rate band
• Residential nil rate band
• Trusts
• Charitable giving
• Lifetime giving
• Regular gifts from excess income.

Make sure you know what’s right for your situation; talk to one of our friendly estate planning experts.

Exit planning is for business owners who want to realise value from their hard work and potentially step back from day-to-day management. Our advisers can help you put an exit strategy together to work towards this, discuss your options, and allow you to get the most out of your hard work.

Your exit plan will include a valuation of your business, identifying actions needed to maximise value and achieve your objectives.

Understanding the preferred route to exit can help you achieve clarity and peace of mind. It will provide insights into how your business is valued, as well as key strategic actions to work towards.

A CVA is a flexible arrangement between a company and its creditors, typically involving monthly contributions from profits or a lump sum from an asset sale. Creditors often receive less than the full amount owed, and any remaining debt will be written off. If a CVA is the right option, we will help you draft a proposal and present it to creditors. If 75% of creditors by value vote in favour, then the CVA will be approved and become binding.

A CVL is initiated by directors and shareholders when business recovery is not a viable solution. The creditors of the company must approve the choice of liquidator. As part of our corporate insolvency services, we will advise you on the legal, technical and practical issues so that you fully understand your obligations and minimise any further deterioration.

An MVL is the liquidation of a solvent company, one that can settle all its debts. Any remaining cash or assets are passed to shareholders, and because distributions may be treated as capital, it can be a tax-efficient way to close a company. It’s also used where directors wish to retire or to restructure the company as a separate business.

“[A taxpayer] is entitled to arrange his affairs so as to reduce his liability to tax” – Lord Wilberforce (WT Ramsay v HMRC, House of Lords).

The tax investigation process allows HMRC to identify errors in tax returns, recoup any money owed and stop people getting away with submitting fraudulent claims.

Every year, there’s a ‘tax gap’ – the difference between the tax that should be collected and the amount that’s received. It’s HMRC’s job to make sure this gap is as small as possible. Last year HMRC calculated a £35.5 billion shortfall. More than half of missing tax is usually traced back to small businesses and individuals via tax investigations, with a significant proportion of the tax loss being from innocent error.

So, if you’re the recipient of a tax investigation notice, a tax inspector is going to be delving into your records to work out if you’ve underpaid your tax.

A transaction advisory service is due diligence, which is provided by our team of experienced advisers. You’ll receive a report with a comprehensive analysis of your finances, including your financial statements, operations, and performance. We’ll identify potential issues and opportunities and provide you with actionable insights to help you make informed decisions.

It’s all about your peace of mind and achieving your financial objectives. If you’d like to know more, please get in touch for a confidential chat.