There are attractive investment opportunities in the UK. However, there are taxes with laws and regulations which you must comply with to prevent penalties. The worst part is that knowing when and what to pay can be more complex, complicating the process. Tax experts from reputed accounting firms like Allen & Atherton can assist you in this case. These professionals offer personal tax advice, international tax, and cryptocurrency tax, which can be your best investment because their services help in the following way:
Understand how taxes affect your investment
The tax laws and regulations’ complexity make it difficult to understand how they apply and affect your investment. And any instance of non-compliance hurts your business. For instance, penalties from the Promotion of Tax Avoidance Scheme (POTAS) can affect you financially for up to six years. A tax advisor will help you understand the laws and implications and help you comply by preparing and filing the necessary tax return on time.
Maximise your tax benefits
These professionals can help you maximise your tax benefits by reviewing your financial records to assess your taxable income within a financial year and advise you on the tax benefits you qualify for. They also inform you of any tax law changes so that you know how they affect your tax obligation. In addition, the accountants will suggest investment opportunities that will reduce your tax liability even as you work towards your financial goal.
Minimise your tax liability
For a business or individual, the accountant will help you minimise tax liability by recommending an attractive investment option with a tax-efficient structure. They do so after identifying your tax deductions and allowances that you qualify for, such as capital allowances for your investment. As an individual, the tax advisor can walk you through how to handle your inheritance to reduce inheritance tax when you pass it to your beneficiaries. They will also review your will and suggest how you can reduce tax liability.
Handle international tax issues
Suppose you or your business has international interests. In that case, the tax advisor will help you handle common international tax issues. The tax expert will advise you on the UK’s double taxation agreement terms and how it affects your tax liability, then work on improving it. They can do so by providing tax planning for your international business and recommending a tax-efficient business structure, such as a holding company, which will minimise your tax liability. If necessary, the accountant will advise you on reporting requirements, such as filing tax returns in multiple countries.
HM Revenue & Customs (HMRC) can take legal action against you for failure to comply with the tax laws. A tax advisor can review your case to identify your strengths and weaknesses to prepare you for the possible outcome. The expert can also represent you in court and negotiate for a fair settlement. Suppose you feel the ruling is unfair; the tax can recommend an appeal and represent you.
You have various investment opportunities in the UK, but the ever-changing tax laws can ruin your chances. This is because breaking tax laws and regulations affects your business venture for a long time. Unfortunately, several taxes can be confusing. Having the best and most qualified advisors on the tax, such as Allen & Atherton, is best placed to provide tax advice. The professionals are experts in this field, and the firm has five offices worldwide, making it accessible. In addition, the branches have over 200 qualified tax advisors and accountants ready to serve you and ensure that you are tax compliant.