Taxation
Whether you are a sole trader, a small family business, a limited company, a larger organisation or an individual seeking to better manage your personal tax affairs; you will want the peace of mind that your tax affairs are up to date and compliant. You need a tax consultant who understands your goals and who you can rely on to reduce your taxation worries.
Since 1936, MFW has been helping clients to keep more of what they earn. Our first step is to get an understanding of you and your business to establish what goals you have now and in the future. We help our clients to plan to ensure their tax affairs are conducted in a tax efficient manner, helping ensure that they are paying the minimum amount of tax required by law.
Personal Tax
Our personal taxation services are there to ensure that you receive the best possible advice on planning your own tax affairs. We look to ensure you are paying the correct amount of tax, whilst utilising available tax allowances, so that you are making the most of your tax planning both for today and the future.
A large part of this is the Self Assessment Tax system, which is used by individuals who are self-employed and by other individuals to declare any income and earnings not being declared through the Pay As You Earn (PAYE) system for example landlords and those with income from investment portfolios.
Completing a Self Assessment tax return can be very confusing for the individual, and also costly if you get your submission wrong or are late in submitting it. At MFW, we will simplify the Self Assessment Tax process and ensure that not only are you compliant, but that you are using all your tax allowances and reliefs available.
Corporate Taxation
We will look at all areas of corporate taxation, often alongside your personal tax affairs, so that we can take a holistic approach to your taxation environment. We will help you to implement tax efficient accounting policies and consider the most tax efficient structure for your business. As part of this, we will review your Corporation Tax and advise on ways to optimise the tax position on profit extraction and on major transactions – e.g. property sale or purchase. It is often important to identify succession planning issues as early as possible and we can assist here also.
Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is the tax liable on profits made from selling or disposing of any of your assets. In practice, CGT is far from simple and can easily catch out a tax novice. This can often result in costly consequences, so it is always best to seek professional advice when looking to sell or dispose of your assets.
At MFW, our tax consultants are here to advise you on the latest legislation and ensure you’re compliant. Our tax advisors will also ensure you make the most out of your available tax allowances, reliefs, and deductions to minimise any of your CGT liabilities, so you’re never left with any surprises.
Inheritance Tax (IHT)
Inheritance Tax (IHT) deals with the taxation of the estate of a deceased person. IHT is a complicated tax and one which you should get to grips with before your demise so that you reduce the stress and strain on your loved ones when the time comes. Whilst nobody wants to think about their own demise, planning ahead and planning early means that your beneficiaries will be in a better position, and you can have a say in what happens to your estate once you are no longer around. The earlier you start your IHT planning the better.
Trusts
Many of us shy away from planning for the time when we will no longer be here to care for our loved ones. However, part of efficient tax planning should mean looking ahead to this time in the future and optimising your wealth on behalf of your family and future generations. Early estate planning means that you will have more opportunities to mitigate your tax liabilities whilst remaining tax compliant. This should mean that your family receives more of your estate.
A trust is an effective way of managing your assets (i.e., your money, investments, property or land you own) for the benefit of your loved ones.
MFW Tax Investigation Service
Tax investigations are on the increase and, unfortunately, no matter what level of investigation or enquiry is raised, they all take up time and money. To provide our clients with peace of mind, we offer a Tax Investigation Service to help protect you against the professional costs incurred during an investigation or enquiry.
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