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Disclaimer

MoneyWize Accountants Limited has tried to ensure that the information on this website is accurate. However, MoneyWize Accountants Limited will not accept liability for any loss, damage or inconvenience arising as a consequence of any use of or the inability to use any information on this website. MoneyWize Accountants Limited endeavours to provide a service of the highest quality. However, we cannot guarantee that our service will be uninterrupted or error-free. We are not responsible for claims brought by third parties arising from your use of this website.

MoneyWize Accountants Limited assumes no responsibility for the contents of linked websites. The inclusion of any link should not be taken as endorsement of any kind by MoneyWize Accountants Limited, of the linked website or any association with its operators. Further, we have no control over the availability of the linked pages.

Any references to “we” and “us” means MoneyWize Accountants Limited, registered company limited by guarantee number Registered in England and Wales number: 06448994. Our registered address is Milton Keynes Business Centre, Foxhunter Drive, Linford Wood, Milton Keynes, MK14 6GD.

If you have any questions, please phone us, 0330 320 9519 or e-mail us: info@moneywize.co.uk

Copyright

Material on this website, including text and images, is protected by copyright. It may not be copied, reproduced, republished, downloaded, posted, broadcast or transmitted in any way except for your own personal, non-commercial use. Prior written consent of the copyright holder must be obtained for any other use of material. Copyright in all materials and/or works comprising or contained within this website remains with MoneyWize Accountants Limited and other copyright owner(s) as specified. No part of this site may be distributed or copied for any commercial purpose.

Data protection

MoneyWize Accountants Limited complies with the Data Protection Act 1998 (the “Act”). For the purposes of the Act, MoneyWize Accountants Limited is the Data Controller.

MoneyWize Accountants Limited is committed to safeguarding your privacy, while providing a high quality of service. MoneyWize Accountants Limited will treat your personal information as confidential and your details will not be given or sold to anyone. We will use the information collected online to help us understand more about how our site is used by visitors, and to develop and enhance our services to you.

Your personal information

When you provide us with personal information, for example, when using our contact form, we take steps to ensure that your information is treated securely from the time we receive it. MoneyWize Accountants Limited makes every effort to ensure the security and integrity of emails on our systems. Unfortunately, no data transmission over the internet can be guaranteed to be 100% secure. As a result, while we strive to protect your personal information after we’ve received it, MoneyWize Accountants Limited cannot ensure or guarantee the security of information when it is being transmitted.

Your rights

  • You have the right, under the General Data Protection Regulation, to know what information we hold about you and to ask to see your records. This is a Subject Access Request.
  • We will supply this information to you within one calendar month of your request.
  • We will not charge you for this
  • You are entitled to change your consent, update your details, or unsubscribe from our communications at any point. You can do this by contacting our Customer Service Staff via:

Cookies

A cookie is a small data file which is downloaded from a website to your computer to make the site easier to use. For example, it may store details that you submit to the site, such as your personal settings or your location, so you don’t have to provide the information again.

Using cookies does not allow us to identify users personally. We will only store information which you specifically give us permission to use.

Our website uses a small amount of cookies for caching certain things and analytics - to let us know how people interact with our website, and how we can improve our services to our users. The information we gather in this way is completely anonymous, and visitors to our website cannot be identified.

We use some social networks, such as Twitter, Facebook and LinkedIn. Any information used via these tools is not shown to us, and we don’t store any information from them. Please refer to each site’s own privacy policies for more information about this.

Storing information during your visit

When you visit https://moneywize.co.uk/, you may submit information which you want the site to remember during your visit. This information is only stored in a cookie during the time that you are on our site. We will only store it elsewhere when you give us permission to do so and this will be done via our secure systems.

Controlling and deleting cookies from your computer

All web browsers allow you to manage which cookies you accept, reject and delete. You will usually find these controls in the “Preferences” or “Tools” menu of your preferred browser. More information about these is available at http://wwwaboutcookies.org.

Complaints

If you have a complaint about the way we have handled your data, or related matter, you can do this by contacting our Customer Service Staff, as detailed in the “Your Rights” section above.

If you are not satisfied with our response to your complaint, you can complain to the Information Commissioner’s Office (ICO):

We regularly check this notice to keep it up-to-date. We recommend that you read this page to ensure that you are happy with any changes we might have made.

This privacy policy was updated on 14th October 2022.

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Tax Advice And Planning

Tax savings

Although HM Revenue & Customs (HMRC) has helplines available to assist taxpayers, staff members are not tasked with providing advice on how to organise your affairs in order to minimise the amount of tax you pay.

If you are looking to make tax savings but do not want to attempt to interpret detailed tax legislation, you should seek professional advice. We offer all clients tax planning reviews and try to ensure that our clients only pay as much tax as they are legally obliged to and no more!

Whatever your tax planning needs we will endeavour to find a tax saving scheme to suit your circumstances so make sure you contact us, especially as there may be more specific tax planning tips and tax advice available for your business sector.

We have included a series of tax tips below which provide general guidance on various tax saving strategies and should answer some of your tax questions.

R&D tax credits

Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects.

You may be able to claim Corporation Tax relief if your project meets HMRC definition of R&D.

For further information please contact our team

SEIS/EIS

SEIS: This scheme is designed to help your company raise money when it’s starting to trade. It does this by offering tax reliefs to individual investors who buy shares in your company.

EIS: Like SEIS, this scheme helps your company raise funds by offering tax reliefs to individual investors. It is designed to help you grow your business.

With both schemes, there are rules that must be followed so that your investors can claim and keep the tax reliefs relating to their shares. The shares issued must meet the same requirements under both schemes. They must be paid up in full, in cash, on issue and must be full risk ordinary shares which

  • are not redeemable
  • carry no special rights to your assets

Risk-to-capital condition, this applies to both schemes. HM Revenue and Customs (HMRC) need an
explanation of how the investment in your company meets the condition, which means:

  • your company must use the funds raised for growth and development
  • the investment should carry the risk that the investor will lose more capital than they are likely to gain as a net return

How the schemes work

SEIS

  • you can receive a maximum of £150,000
  • this maximum will include any other de minimise state aid received in the 3 years up to and including the date of the investment, and
  • counts towards any limits for later investments through other schemes

EIS

  • you can raise up to £5m each year, and a maximum of £12m in your company’s lifetime, including amounts raised under other schemes
  • your company must receive investment under the scheme within 7 years of its first commercial sale
  • special rules apply to knowledge-intensive companies that extend time and investment limits

Tax reliefs will be withheld, or withdrawn, from your investors if you do not follow the rules for at least 3 years after the investment is made.

Advance assurance

You can ask HMRC if your share issue is likely to qualify before you go ahead.  We can help you with this process. The wording of the risk-to-capital condition narrative is particularly important and we have a track record of getting this right.

Compliance

When you’ve issued your shares, you must complete a compliance statement. Again, we can help you with this process.

Capital gains tax

There are many common assets that can be subject to Capital Gains Tax (CGT) when they are disposed of, such as stocks, bonds, precious metals.

The legislation for CGT is a very complex area. There are many reliefs and exemptions which may lead to significant tax savings. It is therefore recommended that you seek the advice of MoneyWize Accountants & Tax Advisors, who will be able to prepare your CGT computations, claim any reliefs that you may be entitled to and calculate any liability that may be due.

If you are considering selling a personal asset or all or part of your business, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.

Inheritance Tax planning

At present, inheritance tax rate is 40 percent on the whole of an estate at death, so a failure to plan can leave a substantial and needless dent in your legacy which was built over the years.

There is normally no inheritance tax to pay if either, the vale of your estate is below the £325,000 threshold, or you leave everything above the £325,000 threshold to your spouse, civil partner or a charity.

If the estate value is below the threshold you will still need to report it to HMRC.

Don't leave it too late

Many of us talk about our eventual demise but never actually find time to prepare a will. Not having a will and clear instructions regarding distribution of your estate can result in assets passing to the wrong person or can give rise to an unnecessary large IHT bill.

Estate planning can save you huge amount of tax. Taking actions early means you can have full control of how you would like your estate to be distributed to the rightful beneficiaries.

There are various ways to reduce your inheritance tax bill:

  • Making a gift to your partner
  • Give to family members or friends
  • Put things into trust
  • Leave something to charity
  • Take out some life insurance policy

Find out how we can assist you to support your business.

Book your Free Consultation