Top year end tax planning services Manchester, UK: We are a leading independent firm of chartered accountants in Greater Manchester, operating as accountants, specialist tax accountants and strategic business advisors for a wide range of clients based in Manchester, Lancashire and the North West. Established for over 70 years, we provide a broad range of accountancy services to small, medium and large-sized companies across a range of industries including manufacturing, construction, property development, technology, retail, leisure, and creative industries. Discover extra details at best accountants Manchester.
In conclusion, seeking professional tax advice in Manchester can be invaluable for individuals and businesses. It can help you to save money on your tax bill, minimize your risk of an audit, and provide peace of mind knowing that you have someone with expertise on your side. If you’re based in or around Manchester and need tax advice, we recommend considering Jack Ross Chartered Accountants. Our team of qualified professionals has a wealth of experience in providing tax advice to individuals and businesses in the Manchester area. Contact us today to schedule a consultation and learn how we can help you with your tax needs.
Business property relief (BPR) is a way for UK businesses to reduce or eliminate inheritance tax on certain business assets. BPR was introduced in 1976 to help family-owned businesses continue trading after the owner’s death. They could do this without having to sell shares or the entire business to pay inheritance tax. BPR has since evolved. It is now often used to minimize tax on gifts made during a person’s lifetime or after their death. In order to qualify for BPR, a business must not be listed on a main stock exchange. Therefore, it may not be an option for public limited companies. Private limited companies, limited liability partnerships, and sole trader businesses may qualify for BPR. In order to qualify, a business must pass the 50% trading test. This means that less than 50% of the business’ activity must be made up of investment activities. For example, purchasing stocks and shares or buying land and buildings. It’s best to speak to us at Jack Ross Chartered Accountants if you’re unsure if your business qualifies for BPR.
Consequently, an investment business would not qualify for BPR as such. For example where the land/property is purchased and then sold without any changes being made. As a result, this can get a little complex. There are a lot of companies that are qualified. For example a property development company that purchases land, builds on it, and then sells it. Even if only 51% of the business’s activities are related to active trade, the business will still qualify. It is also important to find out if your business is in the process of being wound up or amalgamated as soon as possible after your death and if it is not in the process of being wound up or amalgamated within a year. If you are unsure if your business qualifies, it is best to seek professional advice.
Corporate tax advice: If you own a corporation or are a shareholder in a corporation, you’ll need to pay corporate taxes on the income that your business generates. Corporate tax advice can help you to understand your tax obligations and minimize your corporate tax liability. Investment and estate planning and inheritance tax advice: If you have significant wealth, you may need to consider tax planning for your investments and estate. A qualified tax professional can advise you on minimising the tax impact of your investments and estate and help you with tax compliance and other tax-related matters such as inheritance tax.
Our team of accounting professionals is dedicated to providing exceptional service to our clients. We have a strong reputation for delivering accurate, reliable, and timely services and are committed to helping our clients succeed. Whether you are a small business owner, a large corporation, or an individual seeking financial guidance, we have the expertise to assist you. Our professionals are knowledgeable in various industries and can provide personalized solutions to meet your specific requirements. You will be given a specialist accountant who will take the time to understand your business and help your business with business planning. Discover additional details on https://www.jackross.com/.