Tax compliance, estate planning, VAT and trusts advice
Taxation responds as well to good planning and control as any other business cost. As tax accountants based in London, we believe that all clients are different and need individual tax strategies. These strategies ensure that liabilities are known in advance and that maximum benefit is made of allowances and reliefs.
The UK tax system continues to grow increasingly complex and confused with self-assessment bringing only more pressure to bear. We aim to ensure that our clients submit correct tax returns on time, avoiding penalties. Advance notice of rules and deadlines is our watchword and notification of liabilities, payment dates and amounts naturally follows. Additionally, as London tax accountants, we handle all HMRc enquiries, negotiating with the Revenue where necessary.
At Lubbock Fine we don’t help our clients plan to pay tax, we help our clients plan how to mitigate their tax liabilities. Like all planning, early involvement is a hallmark of a successful outcome.
Our tax planning operation cuts right across the main UK tax codes which is to say income tax, capital gains tax, inheritance tax and corporation tax. Clients require individual tax planning strategies and, as specialist tax accountants, we are skilled in advising across the spectrum of situations arising regularly or as one-off transactions. Planning not to pay tax can be applied just as effectively across the business and personal arena.
Inheritance tax is the most aggressive tax in our tax system. It applies to gifts of capital and is levied upon the value of assets transferred.
We are well placed to review a client’s asset base, personal circumstances and requirements for life. Together with clients, we work to develop a comprehensive plan, which empathises with their objectives and maximises tax mitigation opportunities.
The use of a family or individual trust can be a valuable financial or tax planning tool. Using trusts for non-domiciled but resident individuals, or for the transfer of family businesses to the next generation without complete loss of control, or for asset protection, is often very effective.
At Lubbock Fine we advise on the formation of suitable trust structures and, for many clients, a partner will act as the second trustee on their behalf.
The administration function, in relation to UK trusts, is carried out from our London office. As tax accountants, we produce trust accounts for the benefit of fellow trustees and/or beneficiaries and attend to the annual tax return compliance work.
The first impression of VAT is that it is a simple tax to administer but behind the apparent simplicity lurks complexity beyond the wildest imagination. The unwary can become trapped in its intricacies. Hardly surprising then that this labyrinth of law leads to inaccuracies in returns and the penalties that flow from them. Click here to read more about our VAT services.
We have written a number of tax-related blogs: click here to read them.