Taxation advice, including support in HMRC investigations

Advice provided by Tarrant Green & Company includes:

  • Preparation & filing of Personal tax Returns
  • Preparation and filing of Company Tax Returns
  • Advice on tax planning for individuals, partnerships and limited companies

Representing your best interests

When called upon to do so, we represent corporate and personal clients at HMRC Commissioners hearings. Where necessary, we liaise with barristers in providing the best possible support for clients, including advice in complex estate duty planning.

We also work with clients and their solicitors to negotiate the best value for shares in private companies in the case of representing the interests of residuary legatees.

Employee shares and tax

Other special areas include the establishment of a tax efficient Trust Document to underpin Employee Shareholder Agreements, where employees are offered shares in the company for which they work. The tax advantages and implications include:

  • Employees are given shares with worth a minimum of £2,000. Provided that the Trust Agreement is properly set up the ‘award’ of these shares does not attract Income Tax or National Insurance on the first £2,000. Likewise there is a Capital Gains Exemption on the gains made on disposal of said share up to £50,000 (provided that they have no material interest in the enterprise).
  • Employees are nearly always motivated by having a share of the action, as can be seen from the ‘John Lewis’ model.
  • Some of the disadvantages include having to relinquish certain statutory employment protections relating to redundancy pay, flexible working and unfair dismissal. This reinforces the real importance of getting proper financial and legal advice. Tarrant Green always work with specialist lawyers to ensure that all aspects are covered, whether from a Taxation or Employment Law standpoint
  • There can also be very real tax advantages which may accrue to Principle Shareholders who decide to dispose of shares to employees.

Investment and tax

There are also substantial tax advantages available under both Enterprise Investment Schemes and also Seed Investment Schemes. However, it is absolutely essential that care is taken in ensuring that all statutory requirements are met to avoid schemes being overturned. This is particularly true in the case of Film Finance in which Tarrant Green has a particular interest.