Tax
Corporate tax is a crucial element of running a business, and at Gannons, we offer in-depth expertise to manage and reduce tax liabilities while ensuring full compliance with UK tax regulations.
Commercial tax lawyers
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Our fees to review your position starts at £950 plus VAT. If we are instructed to act on the substantive transaction the costs of tax advice are usually included in the quote for that work.
HMRC are increasing their efforts to collect more tax. Taxpayers need to show good documentation to support their actions.
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Interest payable to HMRC on unpaid tax is now higher than the rate of commercial borrowing in many cases plus there are penalties. There are now sizable charges if you get it wrong.
If you are looking for a London tax law firm who can combine the practicalities of legal documentation, tax and compliance as a seamless service we could be the fit.
It is taken as read we know the law and can produce clear documents. The extra layer of skill over and above the average is we can also review your tax affairs and correct any problems to avoid HMRC challenge.
We always explore with clients the best and most cost and tax efficient solution.
Benefits of working with our tax solicitors
We are a specialist law firm with a strong tax capability made up of solicitors, members of the Chartered Institute for Taxation and the Chartered Institute of Accountants.
- Many of our clients are referred to us by their accountants for work such as business restructuring, reorganisations and share buy backs as the accountants know this is a specialist area where it is easy to go wrong if not on familiar territory.
- Our focus is on private companies, their directors and shareholders.
- The ability of looking at the financial aspects and accounts is a benefit for getting businesses into shape good ready for eventual sale.
- Our international legal and tax connections – in today’s worldwide economy many transactions have international parties and cross border considerations.
Tax Lawyers – our specialist services
Below are some of the common instructions our tax solicitors work on:-
- Tax issues for shareholders – Business Assets Disposal Relief (entrepreneurs relief), Investors relief, tax on the sale of shares acquired under EIS or SEIS, capital gains tax, tax on deferred consideration and earn outs, income tax issues for employees provided with shares. Our tax lawyers completed 60 share buy back agreements last year obtaining advance clearance from HMRC and dealing with deferred payment terms.
- Tax issues on business restructuring – we scope the steps needed to implement the desired structure, whether a demerger or other structure such as group or holding company structure, with the intention of transactions being tax neutral if approached correctly. Steps include obtaining HMRC clearance where applicable. Savings are achieved for our clients as when we come to draft the documentation we understand the steps to be implemented.
- Employment taxes and liabilities under IR35 – we advise on tax law issues associated with workers, employees, directors, consultants and contractors. The PAYE regime is particularly pernicious for those who fail to operate tax and national insurance withholding obligations.
- Shares and options tax aspects – advice and support for employers, directors and employees on the award of options or shares, exercise and sale of shares. We cover design and implementation, expertise in EMI options, unapproved options and growth shares. If you need a tax lawyer to establish the taxable value of shares in private companies and secure agreement with HMRC and advise on the complex tax reporting obligations to HMRC on the provision of shares to employees and directors, we can help.
- Tax disputes – review and support for tax payers facing challenges made by HMRC.
Catherine Gannon
02074381060
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[email protected]
The team has a specialist focus on capital gains tax payable on transactions involving shares in private companies. They can look at tax arising on a company buying shares from a shareholder and draft the clearance to HMRC. Another area of expertise is tax payable on deferred consideration and share sale agreements. The team will review tax arising on a re-organisation and share for share exchanges – an area where it is easy to go wrong. Tax payable under employee share plans is another area where they help employers communicate with employees on tax liabilities arising.
