Specialisms

Planning
Creative Tax Planning
Profit Extraction for the Owner Managed Business
Buy to Let Properties UK & Overseas
Investigations
Investigation Service

Planning

We thrive on helping businesses of all sizes or individuals plan their affairs so that they pay the lowest possible amount of tax now and in the future.

By knowing our clients and being thorough when researching a problem our creativity comes into play.

At the same time we have a practical approach when suggesting solutions to clients.

We live in the real world just as you do and we also maintain a commercial approach. Tax is a part of the cost of running a business and spending a pound to save a penny is not helpful.

Planning and all the attendant preparation is the key to saving you and your business tax.

For individuals the major areas of interest in tax planning are capital gains tax and inheritance tax. Both of the aforementioned taxes are sometimes referred to as “voluntary taxes” because with careful planning and depending on circumstances both taxes can be reduced to manageable levels.

We work with clients and their accountants/advisers on an ongoing or one off project basis. Depending upon your requirements comprehensive reports can be provided.

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Creative Tax Planning

Have fun, get fit and relax at the taxman’s expense.

We have successfully claimed the expenses for a horse, horse box, livery and stabling through a client’s company. The company obtained a tax deduction for the expense and the employees who use the horse are not taxed on the benefit of using the horse.

Do you like to shoot? The cost of all equipment including guns can be claimed through your business.
Costs of a game/clay shoot can also be claimed but require more careful preparation.

It isn’t just horses and shooting it could be almost any leisure activity.

Is it too good to be true? Not when Curran & Co get creative!

Can you answer yes to the following?

• Do you own a company?
• Do you have employees who are not your family?

If you want to find out more please contact us.

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Profit Extraction for the Owner Managed Business

It remains a key goal of many owners to ensure that the burden of tax is minimised as much as is legally possible so that they can enjoy the fruits of their labours.

Careful consideration should be given to the appropriate method of extracting profit from a business to take advantage of income tax and national insurance rules. At the same time commercial factors must be taken into account e.g. cash flow so that the future of the business is not threatened.

Our expertise in this area means that our clients will never pay more tax and national insurance than they need to.

“Through careful planning and a knowledge of my financial affairs Curran & Co have reduced the overall burden of tax by two thirds without reducing my income from the company. That’s a result.”
S Rood Group Managing Director and major share holder of the Roodsafe International Group of Companies.

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Buy to Let Properties UK & Overseas

The buy to let property market in the UK and overseas is a successful long term investment and many investors consider that the properties that they have purchased are part of their pension arrangements.

When considering an investment in a buy to let property there are a number of factors that should be considered.

Treat the investment as being medium to long term and don’t plan on a quick capital profit.

• Calculate costs and expected income carefully.
• The property may generate maintenance problems. Is this an issue?
• Consider using a property management service which will reduce your time burden and should also take away the responsibility of dealing with maintenance problems.
• Arrange and put in place, as required, funding to purchase the property.
• Ensure that the property is correctly insured for letting.
• Research the area and select a property according to your budget.
• Ensure tenancy agreements and other legal issues are in place prior to letting.
• Consider redecoration to the highest possible standard in order to attract higher rents and quick occupation.
• Consult a tax adviser/accountant before purchase as all taxation issues should be considered prior to purchase.

The type of letting you wish to invest in also needs to be considered bearing in mind your circumstances.
Possible options are:

• Student
• Residential
• Furnished Holiday Letting
• Commercial
• Retail
• Industrial

Tax is normally payable on the rental income less any allowable expenses such as mortgage interest, agent’s fees and most repairs. If the property is residential and furnished, but is not a holiday let, a wear and tear allowance is available.

At the point that the property is sold capital gains tax may be payable on any profit arising on disposal. A variety of reliefs may be available to mitigate or defer the capital gains tax payable.

Overseas

If you are letting a property overseas the best approach is to have a professional adviser in the UK and also in the country in which the property is located. Tax reliefs available in the UK may not be available for properties held overseas. It is of paramount importance that you are aware of the local taxes as mistakes can prove to be costly.

We have links with overseas advisers who can deal with legal and tax issues whom we can put you in touch with. At the same time we can liaise with them to make certain that any advice is properly coordinated and does not conflict with advice given in the UK.

Summary

There are a number of generalisations which can be applied to an investment in buy to let properties, however, the best approach, is to plan according to your specific circumstances and long term goals. Success in the buy to let market is not guaranteed and obtaining professional advice can help deal with the various problems which you will encounter and ensure that the structure of the investment is appropriate.

We will be pleased to discuss your buy to let investment with you.

Investigations

It is a fact of life that HM Revenue & Customs can investigate you and/or your business at any time. It is essential therefore that you obtain advice and where appropriate representation which will strongly and resolutely represent you and your business. Our experience in this area and knowledge of Inland Revenue methods will ensure that you pay not a penny more than you need to. Ken Curran was an investigator for the then Inland Revenue.

Case Studies
Following the sale of a property the Inspector of Taxes challenged the client's March 1982 valuation. As a result of strong negotiation by Curran & Co the tax cost of the Inland Revenue enquiry was nil.

The Inspector of Taxes enquired into a company following a claim for 150% Research and Development Tax Relief. Curran & Co and the client successfully defended the claim following a challenge by the Inspector of Taxes that the expenditure did not qualify. As a result the company received a tax refund of £15,000.

Investigation Service

We provide an investigation service for our clients in respect of full and aspect enquiries by HM Revenue & Customs at a very reasonable cost.

For a small fee, our costs in dealing with a full enquiry up to £10,000 or with an aspect enquiry up to £2,000 will be met by our insurers.

Unlike schemes used by many other professionals your costs will be tax deductible.

In our experience even the simplest enquiry can lead to costs of more than £500.

We also provide a support service to local accountants who appreciate our expertise and experience in this field.

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