I have recently joined the largest UK network of accountants of it's kind, with the aim of providing a complete service to my clients using Tax Saving Strategies.
PROBIZ allows the wealther individual to use the same tax saving schemes that the larger plcs and multi
millionaries use every day. This is NOT tax evasion and all the schemes are tried and tested and backed by opinions from top barristers in the field.
STAMP DUTY LAND TAX
Why pay stamp duty if you do not have to?
The schemes cover properties, commercal and private, with a value from £250,000 upwards. THe cost of the schemes vary with the size and type of property, and at the over million price tag there are several choices.
At the more usual end the scheme charges 2% plus VAT (for between £250,000 and 500,000 1.5%) to avoid all stamp duty. On a purchase of £600,000 this would save over £10,000 whilst a £300,000 purchase could save some £4000.
It is important to stress that you will still own the property and will be shown on the title deeds.
Disadvantages??
Why isn't everyone doing it? This is a good question! Even the Labour party did it a few years ago with their London headquarters! This scheme has had over 1000 properties through its turnsiles Why shouldnt yours be the next?
What if it goes wrong and the Taxman wins? The simple answer is you will have to pay the duty you thought you were going to have to anyway. BUT we are convinced that this will work so we will guarentee your fees back if it doesn't.
The scheme paperwork is very complex and you must use the scheme lawyers for the conveyancing so please get in touch ASAP.
CONTRACTORS IR35
Are you a contractor with your own company, or self employed providing your services on a long term basis to one customer? This may well be for you.
How would you like to be able to leave some one else to sort all the paperwork, reduce your own tax return to a few simple entries AND receive up to 85% of your turnover paid to you with no further tax due?
You do need at least a £50,000 income per year for this scheme to be successful and the savings are largest for companies suffering under IR35 taxes. However the scheme is still appropriate for many companies and sole traders.
Disadvantages??
This scheme utilises some fairly basic tax planning, put together very cleverly. It may end at any time, though it has been working successfully for over 3 years now.
Does it cause any mortgage issues etc regarding proof of income? The company running this has had plenty of experience in providing the paperwork required to satisfy lenders.
Is the scheme Legal?? The scheme is registered with the Inland Revenue (though schemes do not ever get approved) the PAYE part of the scheme and VAT are all registered and dealt this in the UK.
What if it goes wrong??
You are techincally an employee of a company (not a director or shareholder) so your own risks are minimal. Should the scheme cease to work we will obviously look to amend and adapt till it does. At the end of the day you can jsut return to your old system, knowing you have more monies in your pocket from the previous tax saving!
The scheme has been approved by top tax and employment lawyers who are, by approving it, putting their own reputation and insurance policies on the line. |
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CORPORATION TAX SAVINGSDo you run a company with more than £100,000 profit expects in the current year? If so, firstly congratulations in these difficult times, secondly do you want to pay at least 22% tax on these monies, which is probably locked into the working capital of the business anyway?This scheme costs about 17% of the profits removed for tax purposes. This is not a large saving until you realise that you as a shareholder/director/employee can use this money yourselves with no further tax to pay.If you are interested please contact me as soon as possible. Disadvantages??You need to have made this profit and all the paper work needs to be done before the companys year end. You do not even have to pay out the cash as the scheme allows for the monies to be borrowed for the two to four weeks that the transaction requires.Do all the profits have to go this way? NO as long as the figures exceeds £100,000 the scheme works on that chunk of profit. This could be profits at the higher rates of Corporation Tax (29.75% for profits between £300,000 and £1,500,000 if only one company is in the "group").What if is successfully rejected? Fees are returnedINCOME TAX SAVINGSEarnings over £250,000 a similar scheme can be applied to individuals. Should you require further details please do not hesitate to get in touch. Is it fair that you should be paying 50% tax ?
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