JS. Tax Advisory
Personal and Trust Tax
The top rate of income tax for individuals and trust is the highest rate of tax in the country, make sure you protect your position.
Why JS?
We are experts in keeping your tax bill down. Our advice covers:
Profit Extraction
So, the business is making money – how do you get some value? As a business owner, you of course want to take value from the business to fund your lifestyle. Discovering the most tax-efficient ways to achieve this can result in more cash for you to enjoy your lifestyle.
Capital Gains Tax
Our specialist team is here to ensure you make use of specific allowances and reliefs and structure disposals tax efficiently to mitigate/reduce your exposure when selling assets.
International
If you relocate overseas, consideration is needed as to your UK tax position.
The starting point is whether you will remain a UK tax resident. This is not influenced by your tax resident status in the other jurisdiction but is based on the UK statutory residence test. This test involves many different factors including the number of days spent in the UK, your reason for leaving the UK, and the number of ties you retain to the UK. We will assess your residence position and advise you in relation to the best options for the structuring of your UK assets. As an example, if you have a business in the UK and have relocated abroad, this may present an opportunity to release the value of the business tax efficiently with careful structuring.
The tax position in the other jurisdiction will also be paramount to any decisions in relation to your UK assets. Our team has an extensive contact network of advisors across the globe, with whom we collaborate to provide joined-up tax advice across the relevant jurisdictions.
Trust Taxation
Trusts pay income tax at the additional rate on dividend income and on all other income, however, with careful planning it is often possible to reduce the tax exposure of a Trust. This is a very specialist area, but do not worry we have one of the most experienced trust teams in the North-West who are here to help.
At JS, we recognise that when it comes to having peace of mind about the future, one of the most important things is knowing that your loved ones are provided for, even after your death. By drawing on our specialist knowledge in this field and putting into place the foundations now for that provision, we can help provide you with the assurance you need whilst at the same time seeking to minimise future Inheritance Tax liabilities.
When it comes to devising tax and estate planning strategies for family wealth, trusts have a key role to play.
Trusts can help to protect assets in a tax-efficient manner whilst enabling the intended beneficiaries to enjoy the benefits of that wealth over multiple generations.
In simplest terms, a trust is an arrangement whereby assets are held and managed by one party (the trustees) for the benefit of others (the beneficiaries).
Whether you're a trustee or a beneficiary, we can support you with all your trust requirements including:
- Advice on the establishment of trusts both in life and in your Will
- Advice on your rights and obligations under existing trust arrangements
- Referring you to a suitably qualified investment advisor to fulfill the trustees’ investment responsibilities
- Day-to-day administration
- Trust Tax Returns to report liability to Income Tax and Capital Gains Tax
- Financial accounts
- Ongoing advice to trustees and beneficiaries including Tax Planning advice
- Periodic Inheritance Tax compliance
- Acting as professional executors and/or trustees
Case Studies
Succession and Grandchildren’s Allowance
A married couple, who were joint owners of a successful engineering business, decided to pass the reins to their son.
