Tax interconnects with so many different aspects of business and life.
It can be complicated and we know as business owners, you don’t always have time to wrap your head around it! That’s why accountants exist, we have the time to figure it all out.
But did you know that Chartered Tax Advisers have completely separate qualifications from accountants? Which means they can offer various insights and advice on tax topics!
What exactly is tax advice?
Advice generally falls into one of two categories: corporate (for businesses) or individual (for personal).
Put simply, tax advice is the delivery of some work or planning to help improve your tax, position; make a future saving or get cash back into your business.
Our Areas of Tax Advice
At Blu Sky, we can handle your specialist tax advice needs and issues, no matter the subject or complexity. Here’s a quick look at the top-level categories of tax advice we provide:
- Capital Investments
- Director & Employee Incentives
- Business Structure
- Business Sale, Cessation & Shareholder Exit
- Income Tax
- Succession & Retirement Planning
- HMRC, Tax Disputes & Investigations
- Business Activities
- Inheritance Tax
- Trading Activities & Taxable Profits
- Capital Disposals
- International Tax
Getting the Tax Advice you need
When it comes to getting the tax advice you need, this is where it starts to get complicated. You may have a good idea of what you are looking for, and feel confident simply telling us the area of tax you need support with.
However, to find a solution to what you need, there are several steps we’ll need to explore.
Step 1 – Holistic tax consultancy
Tax diagnostic review services.
Step 2 – Commoditised tax advice
Exploring areas like R&D, capital allowances, EMI & VAT schemes.
Step 3 – Bespoke area tax advice
Looking into areas like inheritance tax planning.
Step 4 – Specific tax consultancy
Producing a specific tax report for a bespoke area.
Which route we take will depend on:
- How the issue was identified
- The complexity of the planning needed
- And many other variables
We always start with a thorough piece of diagnosis and review, to determine exactly you might need support with. It’s important that you feel empowered to make the right decision!
It’s a bit like seeking private medical help. The consultant sometimes needs to do some diagnostics and scans before giving you a plan of action.
How complex is my enquiry?
When you approach us with a tax issue or goal, we have a system for categorising complexity. This helps us set clear expectations, giving you an idea of timescale and next steps.
We’ve found that for most scenarios there are three levels of complexity:
This is normally a commoditised area of tax advice e.g. a certain VAT scheme or company share plan. We’d need a minimum 15 working days from the initial enquiry.
Enquiries in this category are normally centred around a bespoke area of tax advice, but the immediate answer isn’t straightforward or obvious. E.g. Property Portfolio planning, so we’d need a minimum of 18 working days.
These enquiries include highly bespoke areas of tax advice where there’s lots of overlap. Lots of overlap means we’d need a minimum of 20 working days from enquiry.
Expert tax advice when you need it
There’s no getting away from the complexity of tax, but never fear, it can be managed.
Our approach to Tax Advice and Consultancy means we can accurately identify the advice you need, giving you the results, you want.
Need tax advice?
If you think you might need tax advice, fill out our enquiry form here with as much information as possible and we’ll be in touch!