As a result of ever-changing tax legislation it could be financially advantageous to change the vehicle of trade (eg from a sole trade/partnership to a limited company).  The rules are vast and complex and it is essential to obtain detailed professional advice before incorporating or unincorporating.  We are very experienced in this field and can provide the relevant professional advice.

PERSONAL TAX AND TAX PLANNING

The firm has always prided itself on its expertise in personal taxation.  Our personal tax department can provide assistance with the completion of Self-Assessment Tax Returns, Capital Gains Tax Computations, Taxation Planning and general advice.

INHERITANCE TAX PLANNING AND TAX MITIGATION

The firm has considerable expertise in Inheritance Tax and the planning for its avoidance or mitigation. We are regularly amazed that numerous clients and people with whom we come into contact have not made a Will. There can be unnecessary family upset and inflated inheritance tax bills for those left behind if the correct steps are not taken before it is too late. Munro's are able to provide advice on clauses to include in Wills that can mitigate potential inheritance tax and, where there is a surviving spouse, savings in excess of £100,000 are possible. We are able to introduce clients to firms of solicitors who provide Will Writing services. We are also able to advise on the formation and administration of Trusts during one's lifetime which are sometimes associated with Inheritance Tax Planning.

VALUE ADDED TAX (VAT)

We aim to ensure that VAT is only paid by clients where it should be and at the right time. VAT recovery is equally important with the aim being to recover the maximum sums available at the earliest possible time.  We can advise in many ways and prepare VAT Returns from original documentation if required.  A quick telephone call can confirm a VAT position and we can review proposals and contracts and undertake an overall review of a business’s VAT affairs or any combination of these.  We also have access to VAT specialists and can therefore advise on more complex points upon which other general practitioners may not be able.

SELF-ASSESSMENT TAX RETURNS (SOLE-TRADER & PARTNERSHIP ACCOUNTS)

Munro’s have the expertise and software to offer assistance in the preparation of Self-Assessment Tax Returns for Individuals, Partnerships and Trusts.  The preparation of Income Tax Returns is a substantial part of our tax practice. We regard the provision of a personal, high quality service to our clients as our prime objective. We do not see Tax Return preparation as a factory process, but give each our individual attention to detail.  We can provide you with practical advice on Personal Tax positions and the planning opportunities available to you. Our clients can expect a Tax Service tailored to their specific requirements. This can vary from a straightforward completion of returns for signature, to an in-depth description of all the entries involved. We can complete Tax Returns, calculate any Tax Liability and advise you on exactly when to make payments and how much to pay, sending timely reminders at the relevant due dates.  You can expect to be looked after by a named partner and member of staff, so that as far as possible there should be someone available to talk with knowledge about your tax affairs.  Our job is to take away the worry and hassle of dealing with all the paperwork necessary for the completion of returns. Often this may be achieved by our liaising with banks, building societies, stockbrokers etc, on your behalf. No matter what your circumstances, our priority is to provide clear and timely advice of all future Tax Liabilities. We also see it as part of our duty to clients, to bring Tax Saving ideas to your attention either personally or through our Newsletters.  We regard it as a key part of our job to ensure that no client ever pays more than their minimum tax liability, whether this be Income Tax, National Insurance, Capital Gains Tax or Inheritance Tax.  In common with all parts of our practice we will keep our fees to what both clients and Munro’s agree is a value for money service and can, in appropriate circumstances, agree fixed fees before work is undertaken.

CORPORATION TAX MATTERS

Company Corporation Tax Returns and Computations may also be prepared as part of the Company Accounts Services, including Capital Allowance computations.  Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the Corporation Tax Liability falls on business owners.  The Inland Revenue requires the completion and submission of a Tax Return, together with details of income and expenses, regardless of whether the company needs an audit. We understand the issues facing owner-managed businesses and can prepare Tax Returns in a timely and efficient manner.  We will also calculate your company's Tax Liability and advise whether quarterly instalment payments are required.  We do our utmost to ensure that clients benefit from any available tax saving.  We consider future strategies and plans, and can then advise on ways of conducting transactions in the most tax efficient manner. Effective Corporate Tax Planning can also result in significant improvements in your distributable income.  There is, of course, a balance to be struck in these matters and the whole tax picture needs to be taken into account. There is clearly no benefit to clients in saving Corporation Tax at the expense of higher Income Tax.  The increased reporting obligations, investigation policies on the part of the Tax Authorities and harsher penalties for Non-Compliance mean that your time and resources can be taken up with Tax Administration. We will help to minimise Corporate Tax exposure and relieve the administrative burden of compliance with current Tax Legislation.

CAPITAL GAINS TAX

Munro’s can provide Capital Gains Tax Advice and calculations to include Indexation, Taper Relief and Loss Relief.  If you are considering selling (or gifting) an asset, please seek advice to ensure that it is being carried out in the most advantageous manner.

Being the subject of a Tax Investigation by the Inland Revenue can be a stressful and worrying experience. With the onset of Personal and Corporate Self-Assessment, Revenue staff can now review cases on a 'sample basis'; consequently, tax investigations have become more frequent. We have a wealth of experience in dealing with Inland Revenue Investigations, whether they are enquiries into an individual's Tax Return under the Self Assessment regime, more detailed enquiries or Employer-Related investigations into PAYE and P11d Compliance. If you are about to be the subject of an investigation, we can provide expert help and support.