Self Employed / Sole Traders

As well as meeting all your tax and accountancy needs we will advise on various tax issues. We will also review your situation annually and advise on any pre-year end planning available to minimise your tax bill, as well as ensuring that being a... more

Self Employed / Sole Traders

As well as meeting all your tax and accountancy needs we will advise on various tax issues. We will also review your situation annually and advise on any pre-year end planning available to minimise your tax bill, as well as ensuring that being a sole-trader is the best set-up for you and your business.

Capital Gains Tax

Many people own more than one property. As well as the ongoing taxation issues if property is rented out there are also potentially large tax liabilities when properties are sold

With the recent increase in capital gains tax rates this is a real issue to many people. Before selling any asset it is always worthwhile seeking professional tax advice as there are some relatively simple (as well as other more complex) ways to reduce the potential liability – e.g. a pre-sale transfer between spouses – but after the event it is often too late to do anything about it.

Some capital gains can also be “held-over” by investing the proceeds received in certain shares qualifying under the Enterprise Investment Scheme or Venture Capital Trusts. So while pre-sale advice is certainly advisable it may not be too late if you have already sold an asset to find ways to reduce or defer your tax liability.

Income Tax

With the introduction of the new 50% tax band and restrictions introduced on the tax relief available from making pension contributions income tax is an area where more people are now needing tax advice

We can help to identify ways to reduce your tax liability and structure your remuneration or expenditure  to avoid or reduce your exposure to the new rate of tax.

Inheritance Tax

• More and more estates are being brought within the IHT net as the £nil rate band of £325,000 has been frozen until 2015

• Therefore assets valued in excess of £325,000 (£650,000 if the transferrable £nil rate band applies between spouses or civil partners) may be subject to IHT at 40%.
• Lifetime planning is therefore crucial in order to mitigate the possibility those you leave behind losing 40% of your estate to the taxman.
• Amcan Partnership can work with you or alongside your existing adviser to ensure that IHT is mitigated as far as possible. Some planning opportunities may include the following:
  • Lifetime gifts to family members
  • Regular gifts out of income
  • Use of trusts
  • Use of small gifts and annual allowances
  • Detailed review of assets that may qualify for business property relief or agricultural property relief.