Tax solutions and expertise that allow you to focus on your business
In the ever-changing landscape of taxation, TaxAgility are your steadfast partners, committed to guiding you through the complexities of tax laws and regulations. Our expertise is not just about numbers; it’s about empowering you to make informed financial decisions that align with your goals.
Whether you’re a small business owner, launching a startup, or a self-employed professional, our team of experienced tax experts is here to provide personalised solutions tailored to your unique tax needs. With TaxAgility, you can rest assured that your tax matters are in capable hands.
Specialising in Tax Solutions for Small Businesses, Startups, and Self-Employed Individuals
At TaxAgility, we recognize that tax matters are more than just an annual obligation; they are an integral part of your financial strategy. Our specialised tax services cater to:
- Small Businesses: Navigating the tax landscape can be challenging for small businesses. We provide strategic tax planning and compliance services to ensure that you benefit from available reliefs and incentives, optimising your tax position.
- Startups: Starting a new business comes with its tax complexities. Our team will guide you through the initial stages, helping you choose the right business structure, understand VAT obligations, and plan for future growth, all with tax efficiency in mind.
- Self-Employed Individuals: Being self-employed means taking charge of your tax responsibilities. We offer bespoke tax advice, from understanding allowable expenses to filing accurate self-assessment returns, ensuring that you stay compliant and make the most of your hard-earned income.
Taxation is not a one-size-fits-all matter. It requires a deep understanding of your specific situation, industry nuances, and the latest tax regulations. With TaxAgility, you gain access to personalised tax strategies that align with your business objectives and individual financial goals.
Services for Private Individuals
Navigating the world of personal taxation can feel like a maze, especially if you’re not a tax expert. But worry not! At TaxAgility, we’re here to be your personal tax guide, simplifying the complexities and helping you make sense of your tax obligations.
Whether you’re looking to minimise your tax liability, plan for the future, or simply ensure that your tax returns are accurate and timely, our team of dedicated tax specialists is here to assist you every step of the way.
Here’s how we can support you:
General Tax Planning
Taxes are a part of life, but they don’t have to be a burden. We’ll help you understand and plan your personal allowances, reliefs, and deductions, creating a tax strategy that aligns with your financial goals.
Example: Maximising ISA Contributions
Individual Savings Accounts (ISAs) offer a tax-efficient way to save or invest. At TaxAgility, we’ll help you understand and plan for the different types of ISAs available and how you can maximise your contributions to take advantage of tax-free interest, dividends, and capital gains. Whether you’re saving for retirement, a home, or your child’s education, we’ll guide you in selecting the right ISA to align with your financial goals.
Capital Gains Tax (CGT)
Selling an asset, like property or shares, can lead to a tax bill. We’ll guide you through the CGT rules, helping you reduce your liability where possible.
Example: Utilising Annual CGT Allowance
Capital Gains Tax (CGT) applies when you sell an asset, such as property or shares, at a profit. But did you know that you have an annual CGT allowance that lets you earn a certain amount tax-free? We’ll help you strategically plan your asset sales, utilising your annual CGT allowance to minimise tax on the sale of a second home or investment portfolio. With careful planning, you can make the most of your investments without an unnecessary tax burden.
Inheritance Tax Planning
Planning for the future includes thinking about inheritance. Our experts will help you explore options like gifts, trusts, and wills to ensure that your legacy is passed on efficiently.
Example: Setting Up a Family Trust
Inheritance tax planning is about preserving your legacy for future generations. One way to do this is by setting up a family trust. At TaxAgility, we’ll guide you through the process, helping you understand the types of trusts available, the tax implications, and how a trust can align with your estate planning goals. Whether you’re looking to protect assets, provide for loved ones, or support charitable causes, a family trust can be a powerful tool in your financial planning.
High Net Worth Individuals Section
If you have significant wealth, managing your tax affairs can be even more complex. Our specialised services for high net worth individuals provide tailored strategies to optimise your tax position.
Example: Implementing Offshore Tax Planning for High Net Worth Individuals
For high net worth individuals with international financial interests, offshore tax planning can be a complex but rewarding strategy. Our specialised team at TaxAgility will work with you to explore offshore opportunities that align with your financial objectives and comply with international tax laws. Whether it’s setting up an offshore company, trust, or investment structure, we’ll provide expert guidance to ensure that your wealth is managed efficiently across borders.
At TaxAgility, we believe that understanding your taxes shouldn’t be a puzzle. Our personalised approach ensures that you have the clarity, confidence, and control to make informed tax decisions. Whether you’re planning for retirement, managing investments, or dealing with unexpected life changes, we’re here to support you with expert advice and compassionate service.
Ready to take the guesswork out of your personal taxes?
Contact us today at 020 8018 0090 or explore our website to discover how TaxAgility can make your personal tax journey a breeze.
Services for Small and Local Businesses
Running a small or local business is a rewarding journey, but it comes with its share of challenges, especially when it comes to taxes. At TaxAgility, we understand the unique tax needs of small businesses, and we’re here to be your partner in success.
Our specialised tax services for small and local businesses are designed to take the stress out of taxation, allowing you to focus on what you do best: growing your business. Here’s how we can support you:
Corporate Tax Planning
Every business aims to be profitable, but with profits come taxes. We’ll help you navigate the corporate tax landscape, identifying opportunities to reduce your liability and enhance your bottom line.
Example: Utilising Research & Development (R&D) Tax Credits
Innovation is key to business growth, and Research & Development (R&D) tax credits can support your efforts. At TaxAgility, we’ll help you identify qualifying R&D activities within your business, from developing new products to enhancing existing processes. By claiming R&D tax credits, you can receive a valuable reduction in your corporation tax or even a cash refund, fuelling further innovation and growth.
VAT Compliance and Planning
VAT can be a complex area for many businesses. Our experts will guide you through VAT registration, compliance, and planning, ensuring that you meet your obligations and take advantage of available reliefs.
Example: Understanding VAT Reverse Charge for Construction Services
The VAT reverse charge can be a complex area for construction businesses. It shifts the responsibility for reporting VAT from the supplier to the customer. At TaxAgility, we’ll guide you through the rules, helping you understand when the reverse charge applies and how to report it correctly. By ensuring compliance, you can avoid unexpected tax bills and maintain positive relationships with your clients and suppliers.
Payroll and Employee Taxation
Managing payroll and employee taxes is a critical part of your business operations. We’ll streamline the process for you, implementing efficient systems that save time and ensure accuracy.
Example: Setting Up Tax-Efficient Employee Benefit Schemes
Attracting and retaining top talent is essential for business success. TaxAgility can assist you in setting up tax-efficient employee benefit schemes, such as pension contributions, or cycle-to-work programs. These benefits not only enhance your employees’ well-being but also provide tax savings for both you and your team, creating a win-win situation.
Business Growth and Expansion
As your business grows, so do your tax responsibilities. We’ll work with you to develop tax strategies that support your expansion goals, whether you’re entering new markets or scaling your operations.
Example: Structuring Business Expansion in a Tax-Efficient Manner
Growing your business often means entering new markets or scaling operations. TaxAgility will work with you to structure your expansion in a tax-efficient manner, considering factors like business entity selection, location, and financing. Whether you’re opening a new branch or launching a new product line, our strategic tax planning ensures that your expansion aligns with your profitability goals.
Cloud-Based Accounting
Embrace the power of technology with our cloud-based accounting solutions. Get real-time access to your financial data, enabling informed decisions and streamlined tax management.
Example: Implementing Xero for Immediate Access to Financial Reports
Embracing cloud-based accounting solutions like Xero can transform your financial management. TaxAgility will assist you in implementing Xero, providing real-time access to financial reports, invoices, and expenses. With immediate insights into your financial position, you can make informed decisions, streamline tax management, and focus on driving your business forward.
At TaxAgility, we believe that your business deserves personalised attention and expert guidance. Our team of dedicated tax specialists is committed to understanding your unique challenges and crafting solutions that align with your business vision.
Your success is our success, and we’re here to make your tax journey smooth, efficient, and empowering.
Ready to elevate your business to new heights?
Contact us today at 020 8018 0090 or explore our website to discover how TaxAgility’s specialised tax services can fuel your business growth.
TaxAgility: Understanding the Challenges, Crafting the Solutions
Small businesses are the backbone of our economy, but they face unique challenges, especially when it comes to growth, efficiency, and tax strategy. At TaxAgility, we’ve gained valuable insights into these challenges, and we’re here to provide expert guidance and solutions tailored to the needs of small businesses.
Growth
Growing a small business is an exciting but complex journey. Balancing aspirations with profitability requires careful planning and strategic decision-making. TaxAgility is here to support your growth journey, helping you navigate the financial landscape and make informed choices.
Example: Scaling a business profitably
Keeping aspirations in check requires a well-crafted business plan, budgeting, and forecasting. We’ll work with you to set realistic growth targets, identify funding opportunities, and implement tax-efficient strategies that align with your business vision.
Efficiency
In today’s fast-paced business environment, efficiency is key to success. Embracing digital enablement and streamlining processes can save both time and money. TaxAgility’s expertise in modern accounting solutions can transform your business operations.
Example: Digital enablement programs
Digital enablement includes initiatives such as implementing cloud-based accounting software like Xero, can revolutionise your financial management. We’ll guide you in selecting and utilising the right tools, automating processes, and enhancing real-time access to financial data, saving you valuable time and resources.
Tax Strategy
Tax strategy is at the heart of financial success for small businesses. Personal and business tax planning must be aligned to avoid unnecessary exposure and optimise benefits. TaxAgility’s specialised tax services provide comprehensive solutions that protect and enhance your bottom line.
Example: Personal and business tax planning
This benefits from a holistic approach. We’ll help you understand how your business structure, compensation, deductions, and credits interact to create a cohesive tax strategy. By aligning personal and business goals, we can minimise exposure and maximise opportunities.
At TaxAgility, we believe that small businesses deserve personalised attention, innovative solutions, and expert guidance. Our insights into the challenges facing small businesses enable us to craft strategies that empower you to thrive in a competitive landscape.
Your success is our mission, and we’re here to be your partner in growth, efficiency, and strategic tax planning. Ready to take your business to the next level? Contact us today at 020 8018 0090 or explore our website to discover how TaxAgility’s insights and specialised services can fuel your business success.
Tax changes and challenges for individuals and businesses alike.
Taxation is an ever-evolving landscape, and staying abreast of the latest changes is essential for both individuals and businesses. As the UK government continues to navigate the economic challenges of the post-pandemic era, new tax measures have been introduced to balance public finances and stimulate growth. These changes, announced in the Autumn Statement on 17 November 2022, will have a significant impact on taxpayers across various income brackets.
At TaxAgility, we understand that tax matters can be complex and often overwhelming. That’s why we’ve compiled a comprehensive overview of the latest tax updates and issues for 2023. Whether you’re a private individual, a high net worth person, or a small local business owner, this section will provide tailored insights to help you navigate the complexities of the UK’s current tax landscape.
Read on to discover the key changes and challenges that may affect you.
Income Tax Changes
- Additional-rate Threshold: Lowered from £150,000 to £125,140, affecting around 232,000 more people from April 2023.
- Personal Allowance Taper: Aligned with the additional rate tax threshold, meaning if your income is £125,140 or higher, your personal allowance will be zero.
- Basic Rate: Remains unchanged at 20% in April 2023, despite previous plans to lower it to 19%.
- Frozen Thresholds: Extended until 2028, including the personal allowance threshold at £12,570 and the higher-rate threshold at £50,270.
Regional Variations
- Scotland: The threshold for Scotland’s top rate will be lowered to £125,140, and tax rates for higher earners will change. The higher rate will rise from 41% to 42%, and the additional rate from 46% to 47%.
- Wales: No changes as the Welsh Government has chosen not to use its devolution powers.
Impact on Taxpayers
- Stealth Tax: Threshold freezes are viewed as a “stealth tax,” affecting taxpayers across all bands, with 3.2 million new taxpayers and 2.6 million people falling into a higher tax bracket.
- Additional Rate Impact: Around 232,000 taxpayers currently paying the higher rate will need to pay the additional rate once the threshold is lowered in April, with an average cash loss of £621 to £1,256 depending on income.
- Pension Relief: Those who fall into the additional tax rate band in April will be able to take advantage of more generous pension relief.
Challenges and Considerations
- Cost of Living Crisis: As the UK faces a recession, understanding these measures is crucial to safeguard finances.
- Inflation Impact: People on lower incomes may need to tighten their budgets as inflation continues to soar while thresholds remain fixed.
- Professional Guidance: Working with tax experts can help individuals and businesses navigate the complexities of income tax and potentially save time and money.
These updates reflect the government’s approach to restore public finances, with the highest earners paying a larger share. However, many taxpayers in lower tax bands will also be affected, emphasising the importance of understanding these changes and seeking professional guidance if needed.
TaxAgility, your local tax professional
Navigating the intricate world of taxation requires expertise, foresight, and a keen understanding of the latest changes and challenges. From individual taxpayers to small local businesses, the recent updates in the UK’s tax landscape present both opportunities and complexities.
At TaxAgility, we’re committed to providing tailored solutions that align with your unique financial goals and needs. Whether it’s strategic planning for growth, efficiency enhancement, or comprehensive tax strategy, our insights and specialised services are designed to empower you. Stay ahead of the curve with TaxAgility’s expert guidance.
Ready to take control of your financial future?
Contact us today or call 020 8108 0090 to schedule a consultation with London’s local tax experts.