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Introduction
Evolving your business together.
We are experienced at working closely with our clients and their other professionals including agents and solicitors to achieve joined-up planning and advice. Whether it be the commercial aspects and financing of the estate or the income and taxation position, the detailed succession plan, or the understanding of the business and estate structures. We have the strength and depth of experience and expertise to work with the estate owners, protecting the estate for future generations.
We listen to understand the aims, objectives, and management of estates to help owners achieve their plans. We enjoy meeting and discussing matters throughout the year to ensure the objectives and finances are monitored alongside the relevant plan.
What else can we offer?
We specialise in capital tax planning, inheritance tax and trusts, positioning us well to deal with the complexities within many Landed Estates.
We can offer bookkeeping and payroll services as well as annual business accounts preparation, tax compliance, and budgeting.
Case study: Helping our new estate client to restructure parts of the estate for significant tax savings.
Background:
Our new client had previously been granted a long-term lease from one of the estate trusts over a yard with several redundant farm buildings and barns. With bank finance the individual developed a large commercial business park in their personal name and then sub-let the units to 3rd parties. As a result of the income our client was paying income tax at a rate of up to 60%. As a result of this, and financing the debt, our client had no net cash in hand.
How we have helped:
We reviewed our client’s income tax position and identified that we should consider the structure of the commercial business park. We recommended our client create a new limited company and assign the current lease to the new company.
This transfer generated a stamp duty land tax liability, but no capital gains tax liability when considering the value of lease versus the money spent on the development. Though the stamp duty land tax liability was significant, the future income tax savings resulted in a pay back period of just over ten months. The transfer also generated a large director’s loan account which allows cash to be taken from the company tax free in the future
As a result of the restructure our client now has significant cash surpluses each year which is allowing cash to be invested in portfolios for retirement.
Did you know
We can also support you with payroll?
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