Business Tax Planning and Solutions
Tax impacts all business transactions. There is often a range of options for structuring a transaction, but a solution that works to the advantage of one tax may be to the disadvantage of another and not in the best overall commercial interest.
At Mercer & Hole we spend time to understand the overall objectives of the business and its stakeholders. We have worked with many family businesses over the years and understand the issues involved. We work closely with you to help you best manage the combined position.
Succession planning can be crucial for family businesses, whether this involves passing on the business itself or preserving the business outside the family and passing on the resulting wealth. These can be some of the most difficult decisions you ever have to make. We can help you with your decision making and work with you to achieve your plans.
In addition, there are a number of areas we can assist with in incentivising staff and in obtaining tax reliefs in the normal course of trading. These include:
Employee share schemes
Employees are one of the most important assets of any business and it is vital to ensure employees are motivated and enthusiastic. Many companies look to provide employees with an equity stake to reward loyalty and help to retain key staff. There are a variety of approved schemes available that offer different tax and commercial advantages. We have implemented a large number of such schemes for clients and will work with you to identify the most appropriate one for your circumstances.
Tax relief on research and development (R&D)
R&D relief can be very valuable providing relief at over 200% of costs and permitting surrender of losses for cash. The take up of companies recognising they undertake R&D is still low. We will assist you in identifying qualifying R&D activity within your business and in making appropriate claims.
Time is potentially running out on the current regime which provides for a lower rate of tax, ultimately 10%, on relevant profits. Unless you obtain a qualifying patent before June 2016 you cannot benefit from the current rules and will instead be in a rather less generous relief system. We can help you review the position on claims, crystallising entitlement to relief.
It is important to ensure you claim all the allowances you are entitled to within the business. One area in practice where this is not always the case is capital allowances; in particular, in respect of plant of machinery that is an integral part of buildings and factories. We work with specialist surveyors to separate out the cost of such plant and machinery within buildings and factories and ensure appropriate capital allowances claims are made for such items.
As a member of The International Accounting Group (TIAG), we have access to specialists in member firms across the globe in every country you are likely to do business in. Whether you are looking to expand overseas, set up joint ventures with overseas partners or simply need advice on local taxes in a foreign country, we have access through our network to provide you with the help and advice needed.
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