Tax planning is an essential part of your long term financial plan, at Styles & Associates we have specialist tax advisors to provide comprehensive tax planning services to navigate the complex UK tax system.
At Styles & Associates we can help ensure you access available tax allowances so you can optimise your tax efficiency. Our tax advisors will assess your financial position and identify your eligibility for deductions, credits, concessions, rebates and exemptions as part of your tax assessment.
Based in Alton, Hampshire we provide free initial consultation to discuss your tax planning requirements.
Benefits of tax planning.
Whether you are a sole trader, small business or large corporation professional tax advice is vital to remain competitive in your industry. Tax planning can help make the best use of reliefs and allowances available by:
Reducing your amount of taxable income.
Lowering your tax rate.
Providing greater control over when you pay taxes.
Identifying available tax relief/tax credits.
There are various tax allowances and reliefs available from the UK government each year. At Styles & Associates we can create a bespoke tax plan to help structure your finances in line with applicable tax allowances and best maximise your financial position.
In the UK you pay Income Tax on your earnings. In England and Wales the tax free personal allowance is currently £12,500.
Basic-rate tax is applied on income between £12,501 and £50,000 at 20%.
Higher-rate tax is charged on income between £50,001 and £150,000 at 40%.
Additional-rate tax is charged on income over £150,000 at 45%.
If you are a company director or shareholder you are permitted to take dividends on profit instead of or in combination with a salary. Tax free dividend income allowance is currently £2,000 - dividend payments above this amount are taxed as follows:
7.5% tax is applied for basic-rate taxpayers.
32.5% tax is applied for higher-rate taxpayers.
38.1% tax is applied for additional-rate taxpayers.
If your business invests in capital assets such as plant machinery, cars or integral features your taxable profits can be reduced.
Applicable to individuals when selling shares in your business. At Styles & Associates we can assess whether you meet the conditions for this relief.
Research and development (R&D)
Relief for companies that work on innovative projects in science and technology. Tax relief can be claimed by a range of companies that seek to advance in their field through R&D. Find out if you are eligible by getting in touch with our tax advisors
Claim relief from income tax and national insurance as an individual and on corporation tax as a company.
Enterprise Management Incentives (EMI)
Offering EMI to your employees can not only help incentivise your staff by granting tax free share options at the market value up to £250,000, it will also assist your cash flow.
Enterprise Investment Scheme (EIS)
The Enterprise Investment Scheme (EIS) is designed to help small higher-risk trading companies attract early investment to raise finance.
The scheme allows 30% Income Tax rebate on investments in new shares up to £1 million. For further information please contact our tax advice team.
From 2013 profits from qualifying patents can be taxed at rates as low as 10%. Companies that hold patents or are considering apply for a patent should get in touch to discuss how a patent can help reduce your tax liability.
How to reduce your tax liability
Be tax efficient.
If you want to ensure you are maximising your tax allowances get in touch with one of our experienced tax advisors to discuss how we can help you set up an efficient tax plan.
At Styles & Associates we can provide a bespoke, cost-effective service. As a full service accountancy provider we can manage all your Tax and HMRC filings and can take the stress out of tax planning.
Our experienced team of tax advisors can offer guidance on:
Business Tax Planning
Tax for Sole Traders, LLP’s & Self-employed
HMRC Tax Enquiries or Investigations
Tax Return Preparation
Tax advice for business.
At Styles & Associates we provide tax planning & advice for sole traders, small businesses, partnerships, and large corporations.
Areas we cover:
Tax Services Across The South.
Tax planning and advice from Alton based accountants for businesses in Hampshire and the surrounding areas.