As well as capital gains arising on sales of investments an increasing area where individuals come across capital gains tax is on the sale of second homes.  We can advise on the potential liabilities in selling a second home which is not an individuals’ principal private residence.  In recent years this has affected more people as many have a second home to let or as a holiday home.  Our dedicated team can offer advice about the potential liability and whether timings could make a difference.

Negligible value claims
In today’s economic climate it may be possible to claim a capital tax loss if an asset has become of negligible value.  In certain circumstances this can be used against other income and HMRC have recently paid back to one client a six figure sum.

At Cube Accountants we have the capability to offer a wide range of services for companies and groups ranging from small to large. Let us look after your routine compliance work such as:

• Pre year-end tax planning, which may result in a reduction in your corporation tax liability.
• Corporation tax returns, also offering advice on payment dates.
• Submitting your corporation tax return to HMRC and dealing with any HMRC correspondence.
• Providing updates to our clients (see our publications page).

Remuneration planning for directors 
We are experienced in looking at the most tax efficient way of extracting funds from the company. This can be in the form of a dividend or a bonus, share option schemes, pension contributions or other tax efficient benefits in kind.  We work with our clients to provide solutions that fit in with their existing business strategy.

Management of tax risk
The best way to minimise tax liabilities is to regularly review and update arrangements within a company or a group.  By having regular meetings with you, we are then in a position to know what your aims and ambitions are and that helps us to give you timely, tax efficient advice planning for your future.

Research and Development tax relief
One of the most generous corporation tax reliefs available is research and development relief.  Beyond the obvious science and technology industry sectors, there are also tax savings and rebates which can be claimed by companies in industries such as manufacturing, engineering, construction, automotive, software and even architecture.  We can offer a comprehensive review and advise whether your company is likely to benefit from this relief along with quantifying any potential tax savings or rebates that your company may be entitled to.  This relief can significantly ease cash flow burdens of a business, and can also help to place it in a strong position to reap the rewards and future income generated from the research and development project(s) that the company has undertaken.

Potentially, a qualifying company could receive:

• 230% of the qualifying R&D costs, as a tax deduction by SMEs.
• 130% of qualifying costs for large companies.

With a little foresight inheritance tax liabilities can be minimised.  Historically rising house prices have made more and more people enter the bracket where inheritance tax has to be paid.  At 40% over the current nil rate band of £325,000 it is worth considering whether it is possible to avoid such liabilities.

We are experienced in advising in the use of trusts where appropriate and have wide experience to shelter your estate from inheritance tax.

Our services are not restricted to businesses and we have a large core of personal tax clients.

Whether you need assistance with your self assessment tax returns or advice on inheritance tax planning, we can help you.

Our dedicated team can provide the following services:

• Advice on minimising tax liability for all personal taxes including:
• Completion and filing of relevant returns
  • Income tax
  • Capital gains tax (CGT)
  • Inheritance tax (IHT)
  • Non-domiciliary taxes
• Advice on what payments are due and when
• Advice on trusts and estates

Cube Accountants provide businesses with support in accessing and claiming Research and Development (R&D) tax credits and the creative sector tax relief.

There are two main tax relief schemes available to Small or Medium-sized Enterprises (SMEs) carrying out R&D activities in the UK:

 

R&D Tax Credit Scheme

Available to UK Limited companies attempting to improve a product, service or process through technological advancement.

 

The main benefits are:

• Companies are able to deduct up to 230% of the qualifying expenditure to reduce their taxable profits and therefore corporation tax liabilities.
• If the company is loss making, HMRC will pay the company for the R&D element of the loss at a rate of 14.5%.

 

R&D Expenditure Credit Scheme (RDEC)

Available to UK Limited companies who have incurred expenditure attempting to improve a product, service or process through technological advancement on or after 1 April 2013.

 

The main benefits are:

• A taxable credit paid at the rate of 11% which is then taxed, resulting in a net benefit of 8.8%.
• Loss making companies can offset the benefit against future tax liabilities.

 

Who can claim R&D tax relief?

To be eligible for R&D or RDEC tax relief, a company must meet the definition of a SME for R&D Relief purposes:

• Have been in operation for at least one year.
• Have a turnover less than €100 million and assets on the balance sheet of less than €86 million.
• Have less than 500 employees.

 

How do you claim tax credit?

You need to submit a corporate tax return, together with a detailed report containing the figures backing them up.  Alternatively let Cube Accountants prepare everything for you to submit to HMRC.

 

Why use Cube Accountants?

• We will prepare the report for no fee.
• You will only need to pay us if we are successful.
• We have submitted R&D tax credit claims for companies operating in most industries, including engineering, manufacturing, software production and retail.

Although we do our utmost for clients to avoid tax investigation, sometimes HMRC will inspect and investigate companies, businesses and individuals. There are also PAYE and VAT routine reviews which can turn into a dispute.

We can act on behalf of clients in negotiations with HMRC to ensure the best possible outcome.  We can attend meetings with the HMRC and assist in providing backing documentation to your tax computations.

We are available to guide you through the process and minimise your stress and any potential business disruption.  We acknowledge that it is essential that tax investigations are concluded as efficiently and promptly as possible.

Tax enquiries and disputes are time consuming for all parties and professional costs can be substantial.  With this in mind, we have reviewed the insurance market to find effective cover for our clients at a competitive rate.

Find out more about our Fee Protection Insurance

It has always been important to protect your wealth from the tax man but this is even more important with the introduction of increased tax rates. The good news is that there are still plenty of opportunities to implement tax efficient investment and retirement strategies.

Whether you’re concerned about preserving, growing or passing on your wealth to the next generation, you should speak with one of our highly qualified and independent tax and wealth management specialists.

VAT is a complex area of tax and can be difficult for many people to understand. At Cube Accountants we have a specialist VAT team who can help navigate you through the wide range of issues and the constant legislative changes.

Whether you are a start-up business, a national company or a not for profit organisation, our services are adapted to suit your needs and those of your sector.

We can:

• Complete and submit your VAT return.
• Deal with VAT enquiries from HMRC.
• Advise you on the VAT impact of various transactions, including complex land and property transactions.
• Give advice on the problems of partial exemption and look at the best method of accounting for exempt sales.
• Provide sector specific advice for not for profit organisations, including charities and registered providers.
• Assist with VAT tribunals.