Tax Planning & Strategy

Overview

In the constantly-evolving landscape of tax incentives, there are a wealth of benefits on offer that you or your business could be taking advantage of. Designed to help businesses of any size receive many significant forms of tax relief, the goal of these incentives can make investment in startups a more attractive proposition for would-be investors, assist growing companies generate further capital and support industries to grow at a faster rate. At Hilton Consulting, we offer the following services to our existing clients, and those who require support on a project basis:

  • Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS): These popular schemes allow investors in startup businesses to receive up to 50% income tax relief on these investments. Investors will also not be required to pay Capital Gains Tax on profits made from the sale of shares after year three and will not have to pay Inheritance Tax on shares held for a minimum of two years.
 
  • Research & Development (R&D) relief: This form of tax relief aims to encourage innovation in all areas of business. Far from only being accessible to those who work within the scientific industries, R&D relief can be claimed by those who strive to innovate in any other industry, with those operating in the architecture and digital industries previously being awarded these credits.
 
  • The Patent Box Scheme: Patents pay dividends in this scheme with companies only required to pay tax at the rate of 10% instead of 19% (FY 2019) on any profits made on patented inventions. Those who own an exclusive license or right to the patent can be also be eligible to earn this type of tax relief, even if this is not owned directly.

  • Those involved in the British, TV and Games industries, which have undergone unprecedented levels of growth in recent years, have made use of a wide array of the many creative industry tax reliefs on offer. Allowing companies to claim an enhanced deduction or refundable tax credits for a variety of production costs, these forms of tax relief are as follows: 
    • Film Tax Relief 
    • Animation Tax Relief 
    • High-End Television Tax Relief 
    • Children’s Television Tax Relief 
    • Video Games Tax Relief 
    • Theatre Tax Relief 
    • Orchestra Tax Relief 
    • Museums and Galleries Exhibition Tax Relief
    When thinking financially, the staff you employ are of the utmost importance. Their happiness and job satisfaction can be vital to the success or failure of your business, and money is a factor that can greatly influence both of these things. There are certainly many financial areas to consider when it comes to staff, from basic remuneration (think bonuses or commissions) to tax-efficient benefits that can be used to enhance payment packages, which is why it is important to plan ahead. Many industries are moving away from thinking in short-term and instead looking to invest in staff in the long term. The HMRC-approved Enterprise Management Incentive (EMI) schemes are designed to help companies recruit, motivate and retain staff by offering them tax-friendly share options. Correct organisation of this scheme results in no tax or National Insurance to pay on the award of the option and any gain made on subsequent disposals being taxed at a rate of 10%.

Choose Hilton Consulting

Getting started with these forms of tax relief and staff incentivisation can be time-consuming and require a lot of delicate planning and consideration, so it’s helpful to have an expert on hand to guide you through these complex processes. At Hilton Consulting, helping businesses to identify sources of tax relief and staff-centric financial schemes is our speciality. With over 15 years of experience of supporting clients in many industries identify the financial assistance options entitled to them, our progressive firm is deeply knowledgeable about the complexities of the planning and application processes, and the ways in which companies can make themselves eligible for these money-saving schemes. Contact us today for expert advice and we’ll point your business in the right direction. https://www.hiltonconsulting.co.uk/contact