The UK tax system is complicated. When handling significant sums of money, getting the right tax advice can help you avoid costly mistakes.
Why take a chance with something so important? Getting advice from tax planning experts on major investments, family provisions, or a change in direction gives you an objective view of your options, taking into consideration your financial circumstances.
Butt Miller Chartered Accountants, specialists in tax planning
At Butt Miller, we’re helping you see the bigger financial picture. Our tax planning team has decades of experience supporting businesses and individuals in planning their taxes effectively.
We understand the challenges you face when making significant investments, business decisions, or planning for inheritance. By getting to know you and your personal circumstances, we can help you maximise your wealth by ensuring you claim the tax allowances the UK tax system offers.
As with all Butt Miller services, we are always pleased to discuss such matters at our offices, in your own home or place of work, wherever is best for you. Sensitive subjects such as tax planning demand a location where you feel comfortable, and our discrete service is entirely at your instruction.
Contact us today to see how we can support you with our comprehensive tax planning services.
What is tax planning?
Tax planning is simply structuring your financial plan to achieve your goals in a tax-efficient manner while understanding the UK tax laws and staying compliant. It covers a range of tax needs, including personal tax affairs and corporate taxes.
How does tax planning work?
The first step of a strategic tax planning service is to identify your goal. Are you looking to invest your wealth? Thinking about retirement planning? Or simply want to pay less tax? Once we have identified your specific financial goals, we can take proactive steps to optimise your taxes and ensure you don’t pay more tax than necessary.
Our tax planning services
At Butt Miller, our personal tax planning and business support advises you on the best way to structure your financial affairs so that when you pay tax, you pay no more than your fair share.
Our team can do more than just complete your tax return. Whether it is keeping your Income Tax bill as low as possible, planning retirement with pension contributions, or structuring significant investments, we can help you keep more of your hard-earned money.
Inheritance Tax planning advice
Inheritance Tax is likely to be the biggest tax burden on family finances, but it is perhaps the least reviewed area. Keeping your financial plan and Will up to date can be very beneficial for protecting your family’s future.
We understand it is a sensitive task, which is why we walk you through the process with care and understanding. Our Inheritance Tax planning services ensure you have complete peace of mind that your family will be cared for when the time comes.
Personal tax
Complicated government regulations change every tax year, making it hard to find the time when everyday life is so busy to keep on top of your personal tax position. We work with you to find tax-saving opportunities and maximise the tax reliefs available to you.
When your income increases, you need to consider more than just whether you’re a higher-rate or basic-rate taxpayer. Our knowledgeable team will explore various solutions to help you protect your personal allowance and save tax, including pension contributions and ISAs, and identify potential benefits you may be eligible for.
The benefits of keeping your personal taxes to a minimum go without saying, and our personal tax services can help.
Corporate tax planning
Our Corporation Tax planning services are invaluable for companies looking to save more of their profits. By getting to know your business, we can create a plan completely tailored to your company and industry needs. Our experts will review your current financial health and identify unique saving strategies and tax reliefs you might be overlooking.
We’ll ensure you’re paying into your pension in the most tax-efficient way possible, help you understand your company’s income profile so you can make tax-efficient investments, and ensure that you utilise all Capital Allowances when purchasing major assets.
Research and Development tax credits are still valuable tax relief. As we always say, the relief is not just for white-coated scientists. If your business is facing technological uncertainty and is spending money on resolving it, this is for you. Make sure you speak to us before your accounts year ends to maximise the relief you can claim.
Capital Gains Tax
Selling assets can involve a lot of administration and tax responsibility. Having all the information available can help you significantly reduce your Capital Gains Tax liability if you plan to sell assets in the near future.
We’ll guide you through the complexities, making sure you know which tax year is the best to sell and which tax reliefs you may be eligible to claim. We’ll also help you gather and maintain adequate records of the asset you plan to sell, including purchase receipts, improvement costs, and sale price, helping you pay less tax in the future.
Trusts and Wills
Providing for your family is a significant consideration in any wealth-planning exercise. It is vital that you have a Will in place and that it is kept up to date for your changing circumstances, not just to save Inheritance Tax when the time comes but also to ensure that you provide for your family in the way you want.
We’ll help you structure your Will, considering other tax-efficient ways to provide for your family and loved ones now and in the future. We will look at the highly effective method of gifting assets during your lifetime. Where this isn’t an option, we’ll also explore the option of creating a trust.
Get tax-efficient advice with Butt Miller
At Butt Miller, we are committed to giving you expert tax planning support tailored to your individual needs. We strive to provide clarity and assurance, ensuring you are financially set for the future.
We work closely with your financial planner and legal advisers to achieve streamlined services, whether that is planning your Income Tax position, Inheritance Tax on your family’s wealth, or structuring business transactions.
Get in touch today and discover how our tax planning services can benefit you.
Frequently asked questions about tax planning services
Take a look at some of our FAQs below to learn more about how tax planning works.
Is tax planning legitimate?
Tax planning is a perfectly legitimate way to reduce your financial liabilities. More often than not, many businesses simply don’t have the experience or knowledge to make the most of all tax-saving benefits available to them. That’s where we step in.
We ensure the correct application of tax law and the most tax-efficient use of personal allowances so you save more of your profits while keeping in line with HMRC.
Is tax planning done yearly?
Our tax planning services depend on your individual circumstances. If your finances are simple, you may only need tax planning support when going through life changes or when you have a Capital Gains Tax bill coming.
Businesses and those with more complex tax affairs may need regular advice, annually or even more frequently.
What is a trust?
A trust is a way of managing assets, including land, buildings, money, and investments, that maximises protection. It can be entered into for a number of reasons. Putting assets into a trust protects their value from external pressures such as divorce and insolvency whilst allowing you to pass your wealth to your loved ones tax-efficiently.
Trusts can also provide Income Tax savings when structured properly by passing income to those with personal allowances available or who are taxed at lower rates.
Butt Miller offers professional, impartial advice on all types of trust.
