Did you know we’re chartered tax advisors too? We offer a large range of tax services.

Remuneration planning

Did you know there are 32 ways to extract value from a business?

Of course, there are salaries and dividends. But there are other things to think about that may be useful to you. We can help you get some clarity on your options – they are different for every business owner. 

We’ll also work with you so that you know how much tax you should be tucking away, so you’ll have no nasty tax surprises.

Vibrant Accountancy, Accountants in Derby

Full Tax Review - Personal & Business wealth mapping

Tax is complex. You may or may not know it, but the UK tax code is the longest in the world! Hidden in the vast and ever-growing 11,520-page sea of legislation, there are advisory needs, saving opportunities and available reliefs – all created to encourage you and your business. Don’t worry, we’re tax geeks so have devoured all 11,520 pages so you don’t have to!

We’ll deep dive into the legislation for you to see what applies to you and your business, and to give you peace of mind that you’re making the most of what’s available to you, now and in the future.

  • STEP 1 BEFORE THE MEETING

    We’ll arrange your tax diagnostic review and input your accounting and personal data. The software will analyse this and generate an array of questions specific to your situation.

  • STEP 2 DURING THE MEETING

    As you answer the questions, we’ll talk more about your personal drivers, motives and ambitions, keeping jargon to the minimum.

  • STEP 3 THE RESULTS

    After all the questions are answered, we’ll have a detailed report of every single advisory opportunity that is relevant to your situation. After the meeting, we’ll have total visibility and certainty of your situation.

  • STEP 4 PLAN OF ACTION

    With a new awareness of the personal goals that are associated with your tax situation, we’ll create an action plan with you at the centre. It’s time to become truly tax efficient.

R&D

Research & Development (R&D) tax credits are an HMRC incentive to reward the time and investment businesses put into creating or improving products, processes or services. They want to encourage innovation.

Research & Development Tax Relief is a massively underutilised tax relief. The Relief was introduced by the Government to incentivise innovation. We’re talking about being able to claim back up to £33 for every £100 spent on R&D, where the costs incurred on activities that are considered eligible!

Great, but what is R&D?
That’s the problem – we’ve found R&D sounds too much like rocket science, with people missing out on valuable opportunities as they’re not sat there in white coats and safety googles!

So if you’re the following:

Then get on the phone to our Lauren and let’s book you in for a discovery call.

Capital allowances

Make sure you’re making the most out of these helpful Allowances! You can claim Capital allowances when you buy assets that you use in your business. This means you have less tax to pay in the year you buy your kit!

 

Making the most of the right timing, different routes of leasing assets can all have an impact.

It’s not all machinery or tools either, if you’re renovating your business premises then there is even more valuable reliefs to be obtained!

 

Plus on the discussion of Capital allowances, we have had the launch of the temporary Super Deduction Capital Allowances, read about this more here. 

Share options

You can give employees the right to buy shares in the company or give shares to employees as gifts.

The shares may be given as part of an approved share scheme, which may have special income tax treatment, or they may be given under a scheme which does not qualify for any special income tax treatment (an unapproved share scheme). Alternatively, it may be as simple as the company giving one or more shares to one or more employees without a formal scheme.

With any of these options, the company may be entitled to a deduction in calculating its taxable profits. The availability, timing and amount of any deduction will depend on how the shares are made available to the employee.

Always consider:

  • Alternative methods to incentivise and motivate staff. This could be Long Term Incentive Plans (LTIP) or bonuses linked to individual or company performance
  • Other elements that may be valuable to employees, which will be different for different people, including job title, pay, perks, flexible working and holidays

If it’s the right time to give away shares – remember taking shares back when they’ve been issued is not an easy task.