Let’s face it, Tax is complicated.
From individuals and family members, to employees and business entrepreneurs, tax impacts everyone. We provide advice to help inform your decision making, and to enable you to achieve your goals. We take the stress and uncertainty out of tax by providing quality, professional advice. We do the hard work which means you don’t have to.
If you are thinking of selling or disposing of an asset, you may be liable to pay Capital Gains Tax (CGT). But by carefully timing the disposal, you can make the best use of the CGT reliefs and allowances available.
Our tax specialists will work closely with you to advise on your personal circumstances and effectively manage any tax liability. A chargeable gain or loss applies to the sale or disposal of all chargeable assets, and is calculated separately for each asset. This may include the gifting as well as the sale of land and property, business assets and agricultural property.
CGT is payable on the aggregate of gains and losses made in a tax year. We can advise you if CGT will arise from the sale of any asset, and work out how much CGT is payable to HMRC.
Specialist CGT areas we can advise you on include:
And the earlier we work with you, the more opportunity there may be to make considerable savings and plan effectively for the future.
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
Contractors and subcontractors working in the construction sector must operate within the Construction Industry Scheme (CIS).
This can also apply to businesses that do not work in the construction sector but are “deemed” contractors due to incurring £3m on relevant construction expenditure in a rolling 12 month period.
At Old Mill we can assist both contractors and subcontractors in complying with the CIS legalisation by advising when and how to register with HMRC, and whether gross registration is available for a subcontractor business.
For contractors, we can prepare and submit monthly CIS returns from your records, calculate the deducted tax to pay to HMRC each month, and let you know how to pay this. We’ll also produce subcontractor statements which need to be provided to all your subcontractors each month.
This can also involve advising you whether a contract falls under the CIS scheme, verifying your subcontractors to determine the rate of tax to deduct, advising which costs should have CIS tax deducted, and how to enter this into your accounting software. We can also help you amend past CIS returns where required.
For subcontractors, we can help you reclaim or offset the CIS tax that you have had deducted. For limited companies, we can make the relevant Employer Payment Summary (EPS) submissions and correspond with HMRC. For sole traders and partnerships, we can calculate the CIS tax deducted and include the relevant pages on your annual Self Assessment tax return. If HMRC query a repayment, we’ll correspond with them to provide the information required to get the payment processed.
We can also help to answer any queries you might have about your specific situation, get in touch.
Any type of business transaction can have corporate tax consequences which need to be properly thought through – from expanding your company, changing your business status or buying new property, to changing location, buying or selling assets, attracting new investors and shareholders, and closing your company down.
Our aim is to cut through the complexity of tax regulations and provide you with timely, effective and actionable solutions that make sense. By building long-term relationships with clients and gaining an in-depth understanding of your business, we can work with you to develop a strategic plan that ensures you make best use of all the available tax reliefs, maximise profits and reduce your tax burden.
We are proud to be one of the South West’s leading tax specialists. The areas our in-house specialist corporate tax teams can advise you on include:
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
It’s natural that as an employer you’d want to attract and retain the best talent at your company and with the right employee share ownership scheme you can do just that.
Incentivising, rewarding and aiding recruitment are all strong reasons to introduce an employee share scheme.
There are many different types of employee share ownership schemes and each will have an impact on your employee engagement as well as your tax contribution. The option you choose depends on a variety of factors such as company size, company wealth, culture, employee retention and other areas.
Find out more and how we can help here.
Establishing and running a successful business takes hard work, determination and all of your focus, so at Old Mill we understand that business owners and managers tend to concentrate on current activity, planning for the next three to five years rather than thinking about the long term.
But there will come a time when you want to enjoy the fruits of all that hard work and at that point will you sell your business, or pass it on to your children? How will you identify if there is someone in the business now who would make a great boss? And how will you realise the value of the business most effectively in order to provide financial security for your future?
Our experienced advisers can help you address all of these issues as part of your exit strategy or succession planning process. We have worked with a wide range of business owners over many years, putting long-term plans in place to help them sell their businesses, or hand over the reins to the next generation.
So while your focus may be on building the business, we can work with you now to make sure that your exit or succession strategy is in place when the time is right.
The specialist exit strategy and succession planning areas we can advise you on include:
To chat to us about your plans, get in touch with us or make an appointment with one of our advisers at one of our offices in Exeter, Wells, Chippenham and Yeovil.
Inheritance Tax (IHT) is the tax paid on assets (after allowances are deducted) when someone dies. It’s a growing concern for many, and while increasing allowances on property left by parents and grandparents have eased the tax burden slightly, in a worst case scenario it may mean that your family only receives 60%, after all available allowances, of the wealth you hope to leave as their inheritance.
But with expert advice and careful, long-term planning, IHT is also a tax that can be significantly reduced and, in some cases, mitigated completely.
Our specialist tax planning team will work with you to understand how you want to pass on your estate, and will help you to put in place measures and structures that ensure the wealth you have worked hard to accumulate will not be swallowed up by IHT.
The specialist IHT planning areas we can advise you on include:
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
Benjamin Franklin’s often-quoted remark that “nothing can be said to be certain, except death and taxes” holds as true today as it ever has; but the quality and length of your life, and how much tax you’ll pay, are much more open to debate.
Every client will need to account for taxes in one form or another, from a relatively straightforward self-assessment tax return to a much more complex structure of business and individual taxes.
For many people, preparing and filing a self-assessment tax return can be a stressful and onerous task. Even if your return is relatively simple, recognising and collating the accurate information that HMRC needs while understanding the various allowances and tax reliefs can be a time-consuming process. A straightforward return can also easily become more complex, as income from investments, an element of self-employment, and any income from rented property is added to the mix.
Our specialist personal tax team has years of experience and expertise in dealing with self-assessment tax returns for a wide range of clients. We can complete your self-assessment tax return on your behalf, calculate your tax bill, and deal with HMRC. We will make sure that all information is presented properly to mitigate your liabilities.
The self-assessment tax return services we offer include:
We can also work closely with you to understand your personal financial aims and objectives. We can then help you to utilise all the available tax planning opportunities, reliefs and allowances that will help you to achieve those financial ambitions.
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
The tax team at Old Mill specialises in helping South West forward-thinking businesses across all sectors to grow to the next level.
Whether you’re a pioneering manufacturer, a farmer working on processes to extend product shelf life, or an entrepreneur developing cutting-edge digital communication channels, your R&D expenditure may qualify for the scheme and, if it does, the rewards can be substantial.
Businesses across the South West are among some of the most progressive and forward thinking in the UK, yet many may be missing out on tax incentives already worth an estimated £2bn by being either unaware of the scheme, or assuming that their research work will not qualify.
How can we help?
The R&D tax credit scheme rewards companies that invest in developing new products, processes or services, or enhancing existing ones by offering tax relief on a range of revenue expenditure (including employee costs and materials).
We can explore whether you are eligible to make an R&D claim and then advise and support you through the claim process by liaising with HMRC on your behalf.
If your business and the project meet the criteria you could qualify for 230% tax relief on your R&D costs, which means that for every £100 spent your company could reduce its taxable profits by an additional £130, saving Corporation Tax at a rate of £25 for every £100 spent.
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
Stamp Duty Land Tax (SDLT) is a complex tax and with the current land and property prices, it is a significant additional cost of purchase. Where more than one property is being purchased or there is a mix of residential and non-residential property and land then reliefs are potentially available that could save you significant SDLT costs – sometimes hundreds of thousands of pounds..
At Old Mill we offer straight forward advice to provide purchasers with the peace of mind that they are paying the correct amount of SDLT and all relevant reliefs are claimed. Our dedicated SDLT team understand the complex legislation and caselaw and can provide you with comprehensive advice when dealing with your property purchase. You can be sure you will pay the correct SDLT and that all available reliefs are claimed where the qualifying conditions are met. We will work closely with your solicitor/conveyancer in this process.
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham an Yeovil.
Tax investigations are becoming increasingly common, increasingly costly and increasingly onerous. Which is why our experienced specialist tax team offers a tax investigation service, along with a fee protection scheme – so that we can deal with HMRC enquiries on your behalf, giving you the peace of mind and the time to enjoy the important things in life.
Tax investigations can be triggered by one of several things – consecutive years of unprofitability, figures that are inconsistent with your industry sector, or regular mistakes on your tax return are some of the common causes – but they can also be randomly generated. Whatever the cause, HMRC does not need to tell you the reason for the investigation, and the onus will be on you to prove that your tax return is correct, rather than on HMRC to identify errors.
Investigations can take from three months to at least a year, and a lot longer in cases involving large, complex businesses.
Our tax investigation service is designed to help you avoid both the stress and the time demands of dealing with HMRC, by dealing with HMRC on your behalf. Our specialists have plenty of experience in handling such enquiries, and understand what responses you will need to make to HMRC in order to defend your position.
Our service is supported by the insurance we offer through Professional Fee Protection, a market leader in this specialised field. The cost of having to deal with a tax investigation is not included in our normal fee, and the additional costs involved could be substantial.
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.
If your answer is yes to any of the above, you should consider the company’s current and future eligibility for the valuable Patent Box tax relief, accessing the effective 9% saving on certain Intellectual Property (IP) related profits
Dealing with Value Added Tax (VAT) can be complex and time-consuming, particularly if your business operation includes goods and services that may be discounted or exempt, or if you trade internationally.
But with the right support and advice, you can reduce the risk of penalties, potentially improve your business cash flow and free up more of your time to focus on your true business objectives.
How we can help
Old Mill’s specialist VAT team works with UK and international businesses on a wide range of VAT-related issues. As well as advising on VAT from registration through to managing your business across the entire supply chain, we will also liaise with other parties on your behalf to secure solutions. Our bespoke advice on VAT issues includes a strong focus on land and property enquiries and international VAT, and our team keeps up-to-date on the constantly changing landscape of VAT legislation – so that you don’t have to.
We can help you to plan for VAT before setting out on a new venture, including setting up overseas, buying or selling a property or raising finances, and our team addresses compliance issues proactively to help you avoid penalties.
The specialist VAT areas that we can advise you on include:
To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham an Yeovil.
