Business Tax

UK tax laws are numerous, complicated and constantly changing, which makes managing your tax affairs complex and demanding.

We deliver an efficient tax compliance process which often coincides with the annual accounts preparation to minimise the disruption to the founding team and other employees running the business.

Our tax compliance service includes:

• Accurate preparation of the tax computations and returns with minimal disruption.
• Time dedicated for innovative thinking, which focuses on ‘how your tax efficiency can be improved’, now and for the future, with us acting as your in-house business tax team.
• Considering group matters to enhance worldwide tax efficiency where appropriate.
• The timely preparation of tax journals, deferred tax and accounting disclosure tax notes for the accounts.

We use the tax compliance process to identify tax planning opportunities and future issues both in the UK and internationally.

For many of our clients, the ‘fear of what they don’t know’ is why they choose to partner with us and have our dedicated expert team working alongside them to ensure they’re maximising opportunities, reducing risk and staying compliant.

Our service also includes:

• Group tax planning and reporting including advising on most efficient use of losses and group relief
• iXBRL tagging of tax returns
• Identifying and maximising capital allowances claims
• Corporate Interest Restriction advice and compliance
• Assistance to help you comply with the senior accounting officer regime
• Assistance with HMRC enquiries and tax disputes

We have a wealth of experience in advising UK and international groups on their business structure. It may be that you want to protect certain assets such as property, patents, or IP, or it may be that you want to split out specific products, services or sales channels into a separate vehicle to be sold as a distinct business unit. You may also be seeking tax efficient structuring for owner-managed or family-owned businesses, an area in which we advise frequently.

Structuring is often associated with international expansion, but there are lots of occasions in a business’ lifecycle when it’s relevant to consider the most tax efficient and commercial structure. It may be that you’re looking to consolidate the group entities post various acquisitions to reduce your compliance burden – this is relatively common in aggregator or buy-and-build businesses across our sectors

Many of our clients need a wide range of professional advice when conducting international business and we meet this need through MSI Global Alliance, a multi-disciplinary international alliance of legal and accounting firms, which we co-founded.

Member firms work closely together to provide integrated multi-disciplinary services, local expertise and global reach to a wide variety of clients, enabling us to provide a seamless service in managing our clients’ overseas activities. Our specialist tax team will ensure that any arrangements are structured to protect valuable UK direct tax exemptions and will help guide you to a tax efficient solution.

It may be that you’ve established your place in the UK and are now looking to expand your reach. If you’ve performed your market research, you may have identified a promising location, but you may not be quite sure how to access this market. That’s where we can help. We work with clients to explore international opportunities and are happy to take the lead advisory role in liaising with advisors from the MSI Global Alliance. Often, we act as a clients’ in-house team, appraising the advice provided, drawing on our knowledge of establishing international structures and effectively being your ‘interpreters’, making recommendations to allow your Board to make an informed decision.

We frequently advise clients on establishing the ‘right’ type of overseas subsidiaries, having regard for any unique tax status or requirements of the UK company.

Through this service, we can offer strategic advice on:

• All aspects of transfer pricing
• Tax audits, mutual agreement procedures
• Value chain analysis
• Withholding taxes
• Permanent establishments

SEIS and EIS are UK government schemes aimed to help high-risk start-up and scale-up companies raise finance by offering generous tax reliefs to individual investors who purchase new shares in these companies. To make your business more attractive to potential investors it is important to provide investors comfort that investment in your company will qualify for SEIS and EIS tax reliefs. This is done through obtaining advance assurance from HMRC. Advance assurance gives you and your investors a provisional indication from HMRC as to whether tax reliefs may be available.

haysmacintyre can help in assisting in the preparation of the advance assurance application, ensuring that all relevant information and documents are present and submitted in line with HMRC’s guidance. We can also assist with EIS/SEIS supporting services such as preparing appropriate shareholders agreements, articles of association and subscription letters, dealing with subscription issues, obtaining tax relief certificates, advising on ongoing compliance and qualification issues and assisting with the ultimate exit of the investors, and subsequent fundraising rounds.

Owing to the complexity of the tax legislation in this area, it is important to partner with a firm who have a strong track record and have expert knowledge in this area and our team would therefore be happy to assist.

We can also assist with other venture capital tax reliefs where appropriate.

Our expert team can also provide:

• Transaction support on mergers, takeovers and succession planning
• Tax due diligence work
• Advice on transaction structure and post-acquisition structuring
• Shareholder exit planning including advising on Business Asset Disposal Relief (BADR)

Property is one of our core client sectors, and as such, we can provide support with:

• Advice on tax aspects of property transactions including Stamp Duty Land Tax (SDLT)
• Annual Tax on Enveloped Dwellings (ATED) compliance and advisory services
• Construction Industry Scheme (CIS)
• Tax-efficient structuring of property acquisitions
• Advice on property acquisitions and disposals
• Maximising capital allowances on property transactions
• Remuneration and profit extraction planning

• Implementing employee-based equity schemes including the Enterprise Management Incentives (EMI), Company Share Option Plan (CSOP), and growth shares
• Review of existing equity based incentive schemes
• Employment Related Security (ERS) returns
• Pensions Salary Sacrifice
• Payrolling of benefits
• IR35 and off-payroll workers
• PAYE health checks
• HMRC compliance reviews

Corporation Tax compliance

Our not for profit (NFP) team can assist with both the charity tax return that may be required by HMRC from time to time, together with annual returns for non-charitable entities.

Our tax compliance service for non-charitable entities includes:

• Accurate preparation of the tax computations and returns.
• Advice on Qualifying Charitable Donation (QCD) payments to charitable parent companies or other related charitable entities.
• Considering group matters to enhance worldwide tax efficiency where appropriate.
• The timely preparation of tax journals, deferred tax and accounting disclosure tax notes for the accounts.
• Our commitment to finalise the tax return and computation as soon as possible following the Board signing the financial statements.
• We use the tax compliance process to identify tax planning opportunities and future issues both in the UK and internationally.

Our tax compliance service for charitable entities includes:

• Accurate preparation of the tax computations and returns, including the charity supplementary pages.
• Detailed analysis of the statement of financial activities (SoFA) and balance sheet figures to HMRC definitions/requirements.
• Reviewing income streams and highlighting any areas of risk.
• Identifying opportunities to maximise Gift Aid on voluntary income.

Gift Aid

We understand how important Gift Aid is for boosting your charity’s voluntary income. We have a specialist team of sector experts who can assist with ensuring that Gift Aid income is maximised and tax risk is effectively managed. We can offer in-house training to your teams, or bespoke advice on specific fundraising campaigns or events.

Creative sector tax reliefs

Tax reliefs are a key advisory service at haysmacintyre and are particularly relevant to businesses in the arts and culture sectors. Our experts regularly work with our clients to prepare robust, comprehensive and accurate claims, with our scope being tailored for each client’s needs. We have vast experience working with NFP and corporate entities to maximise claims under Theatre Tax Relief, Museums & Galleries and Exhibition Tax Relief and Orchestra Tax Reliefs. This can extend to us providing guidance on the availability of claims, assisting with templates and methodology calculations, and undertaking a detailed review of calculations. Our work also ensures that the maximum but supportable costs are included in a claim, whilst ensuring that the claim is robust and can withstand HMRC scrutiny.

With recent changes to the tax reliefs and higher rates becoming a permanent fixture, it’s important to partner with a firm which has a strong track record and has expert knowledge of your sector.

Charity tax reliefs

There are many direct tax reliefs available to a charitable company but these can only be claimed subject to specific tax legislation requirements. Our expert NFP tax team will help your charity ensure that valuable exemptions are preserved and help you to navigate the legislation as it relates to your charity.

Group structuring

The complexities of the UK tax system often result in the need for a non-charitable group company, carrying out commercial activities for the group. This relationship can bring benefits to the overall tax position of the group, but also brings additional compliance requirements from both a Corporation Tax and charity law perspective. Our NFP tax team will assist with advising on the arrangements most appropriate to your group and will help ensure that the structure remains relevant and able to deliver the tax benefits it should.

Our service for limited liability partnerships (LLPs) includes:

• Partnership tax compliance
• Advising on mixed partnership rules