Tax services

Tax Services

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Taxation planning and management is often complicated for financial services firms. Tax rules will have an impact on how a firm is initially structured and on some of the strategic choices it makes. The lines between compliance, accounting, regulatory reporting, and tax continue to blur, making the context in which tax choices are made additionally complex.

To manage tax in a more proactive, integrated way for organisations and the executives who own them, ACA offers a complete service, covering both corporate and personal matters.

Our team’s specialised knowledge of tax rules and practice changes can help minimise tax liabilities. Our tax services extend from initial structuring through to full implementation for start-ups, to ongoing pro-active advice and hands-on support for established companies. We also assist firms with meeting their tax compliance filing obligations.

Our tax team sits alongside our Financial and Regulatory Reporting specialists and UK compliance consultants, who are part of a working environment where knowledge and practical experience is shared on a daily basis. These services go hand-in-hand as the tax treatment of a transaction will usually depend on its accounting treatment and any tax planning must compliment regulatory compliance. As a result, we provide our clients with holistic advice that includes the best options for a firm.

TAX STRUCTURING

 

ACA advises on the optimal structure for a business from a tax perspective, taking into account commercial and regulatory considerations, as well as the personal considerations and intentions of its principals.

TAX REGISTRATIONS

 

Our team can manage tax registrations for firms in certain jurisdictions. For example, all proposed UK corporate entities must be registered with HMRC for Income, Corporation and Value Added Tax.

Individual members of any LLP must register as self-employed for National Insurance purposes. We handle these formalities and act as the formal Agent with HMRC.

how we help

CORPORATE TAX COMPLIANCE

 

The preparation and filing of tax returns is a core service, complementing our ability to provide proactive tax advice. ACA prepares tax computations and file tax returns on behalf of a firm’s UK entities (and overseas entities with a UK business, e.g., non-resident landlord companies), which are often a combination of LLPs and limited companies. Our team advises on myriad related aspects, including tax liabilities, payments on account, relevant claims and elections that need to be made.

 

Download Current UK Tax Rates

CORPORATE TAX ADVISORY SERVICES

 

As a firm’s business develops over time and tax law and practice changes, ACA’s experienced team can help make sure structures remain optimal from a tax perspective, giving hands-on, pro-active and strategic level assistance where needed. Our team has not only extensive corporate tax experience, but also the specialised knowledge relevant to asset management taxation, including:

  • Investment Manager Exemption (it is essential to satisfy IME tests so UK activities do not attract UK tax on offshore profits)
  • UK reporting fund status (to attract UK investors, as gains are treated as capital rather than income, thus subject to less tax)
  • And because we have considerable practical experience with dealing with HMRC on these matters, our team can respond on a firm’s behalf to any actual or potential HMRC enquiry.

Resources:

PRIVATE CLIENT TAX

 

ACA provides a complete private client tax advisory and compliance service, including the preparation of annual tax returns and tax calculations, and advising on income, inheritance, and capital gains taxes. Our team also advises on international tax issues and can act as an agent to handle HMRC inquiries.

When structuring new businesses, our team often become deeply involved, which naturally leads to providing proper tax planning for the principals. Depending upon personal circumstances, the team can factor in issues such as domicile, residence, and attitude to tax risk. Aside from advising owners and managers (and their families and trusts), we also offer guidance to employees. Our team works with a wide range of clients, including expats, non-domiciles, and high net worth individuals.

Events:

We will be running quarterly tax breakfast briefings. Look out for our upcoming event, or contact us if interested in attending a future breakfast.

how we help

VAT SERVICES

 

Complexity is a hallmark of Value Added Tax (VAT) legislation, and this is particularly true in the financial services world. This can result in failure to meet HMRC’s VAT compliance requirements and missed opportunities to maximise benefits from VAT reclaims.

VAT is an unfamiliar area for many, especially for businesses outside the EU.

ACA’s VAT specialists assist firms by providing expert advice and outsourced services including:

  • preparation of VAT registration applications;
  • advice on voluntary VAT registrations to improve business profitability;
  • VAT compliance services, including preparation and submission of returns for UK businesses;
  • modelling Partial Exemption Special Methods of VAT recovery to maximise VAT reclaims for UK firms (including many brokers and other financial intermediaries) who make a mixture of taxable and exempt supplies;
  • negotiating with HMRC for acceptance of the optimal Partial Exemption Special Method;
  • liaising with HMRC on UK firms’ VAT-related issues, including responding to enquiries and attending and managing VAT inspections;
  • preparing and submitting UK VAT reclaim applications for non-EU firms to reduce the cost of business trips to the UK; and
  • advising on the VAT impact of sub-letting business premises, business transfers and other transactions.