Tax Planning
The world is full of tax saving ideas, but if you're serious about saving tax you need tailored advice. There's no such thing as a universal tax saving plan - the best approach will always depend critically on your own specific goals.
Tenon approaches tax in the same way as all our services: methodically, and based on planning for your actual needs. For example, if you own a business and you want to pass it to your family then you need to extract enough money to invest and see you through retirement, in a tax efficient way. If instead you want to sell the business then your strategy would be quite different, aimed at boosting the business value and minimising your capital gains tax.
There will be times when you're not sure exactly what your future needs might be, and we are experienced in constructing strategies that lower tax while keeping your options open.
Of course if we don't understand your business, we can't help you reach your goals. That's why Tenon has tax advisers in most offices, so that our tax advice integrates smoothly with the other services. Our tax planning is based on a sound understanding of your business and personal objectives. This local knowledge is vital and it's made even more effective by our national tax experts - experts in specialised fields who fully support local staff. Tenon's advice is based on breadth and depth: we know tax, and we know your own business.
Personal tax is a strong area which we can dovetail with your financial services needs.
Finally, Tenon is able to help you with effective tax consultancy on business structure and remuneration. We have extensive experience in tax-efficient schemes that incentivise your key staff. If you need to retain control but want to make sure that you have your staff's commitment, we can help you with various types of share schemes. Options such as 'shadow' share schemes are perfect for helping non-owners to participate tax efficiently in the growth of your business while you retain control. When it comes to your family members we are expert in the use of shares and trusts to help you achieve your objectives - e.g. how to give some of your business's value to your children while retaining the right to take back control if needed. Or how to arrange things fairly if one child works in the business and one doesn't.
With over 200 tax specialists across the UK, Tenon is a well-established and respected tax adviser. Contact us today if you want to know more.