TAX !

[Landrover]

Can anyone recommend a tax specialist, our tax bills are getting ridiculous, we need some help to make our business more tax efficient, we use a large firm of accountants that are very good but too efficient, and would like a different set of eyes to see what could be done, its turning into a never ending circle now with investment in the buiness to offset tax being impossible to do because there's no spare cash because of our large tax bills ! We do run a old fashioned business but are somewhat stuck because of to elderly partners (my parents)who are stuck in there ways, and to give you some idea of our combined tax bill the 4 partners have paid in the last 18months £120k+ in tax, any suggestions would be good

 

[beardface]

Can anyone recommend a tax specialist, our tax bills are getting ridiculous, we need some help to make our business more tax efficient, we use a large firm of accountants that are very good but too efficient, and would like a different set of eyes to see what could be done, its turning into a never ending circle now with investment in the buiness to offset tax being impossible to do because there's no spare cash because of our large tax bills ! We do run a old fashioned business but are somewhat stuck because of to elderly partners (my parents)who are stuck in there ways, and to give you some idea of our combined tax bill the 4 partners have paid in the last 18months £120k+ in tax, any suggestions would be good

If there's 4 partners then you must have one hell of a profit figure to pay 120k in tax! Either that or 1 or 2 of said partners are taking a rather large share then paying said tax bill.

 

[SilliamWhale]

If you are paying that much tax I'm surprised you are not even having monthly meetings with your accountant to help to plan and strategise

 

[Landrover]

If there's 4 partners then you must have one hell of a profit figure to pay 120k in tax! Either that or 1 or 2 of said partners are taking a rather large share then paying said tax bill.

Sorry got maths wrong, £60k in tax

 

[Against_the_grain]

Can anyone recommend a tax specialist, our tax bills are getting ridiculous, we need some help to make our business more tax efficient, we use a large firm of accountants that are very good but too efficient, and would like a different set of eyes to see what could be done, its turning into a never ending circle now with investment in the buiness to offset tax being impossible to do because there's no spare cash because of our large tax bills ! We do run a old fashioned business but are somewhat stuck because of to elderly partners (my parents)who are stuck in there ways, and to give you some idea of our combined tax bill the 4 partners have paid in the last 18months £120k+ in tax, any suggestions would be good

You are not alone. Same treadmill here. No easy answer that I have found I'm afraid

 

[upnortheast]

Assuming you have taken all legal steps, sometimes no bad thing paying tax. Means you are generating good profits

 

[Landrover]

Assuming you have taken all legal steps, sometimes no bad thing paying tax. Means you are generating good profits

I have no issue paying tax BUT talking to others there are far more profitable businesses who pay far less tax than we do, the way the business is set up doesn't help but both myself and my brother have tried discussing succession with our parents to ease the tax bill and other things that could be done but they don't want to know ! I dread getting the brown envelope with my tax bill in !

 

[livestock 1]

Also in a similar situation. Struggled on for years to generate a decent profit margin out of the business to end up getting clobbered with tax. Not sure what the answer is really. Last three years have been the worst. Seems like a question there’s no real answer to.

 

[Devil's advocate]

Sorry got maths wrong, £60k in tax

Farmers son from sucessful farming family, local to me

Christopher Darwin FCA - Thomas Coombs | Accountants in Leeds, Yorkshire

Qualifications Fellow of the Institute of Chartered Accountants in England and Wales and holder of the FCA. Expertise and Experience Chris joined Thomas Coombs’ graduate apprenticeship programme in 1992 and became a Partner in 2001, Read more…

www.thomascoombs.com

 

[SilliamWhale]

Sorry got maths wrong, £60k in tax

So £60 in 18 months (2 tax years) for 4 partners is a bit different - £7500 each sort of per annum

 

[Al R]

I have no issue paying tax BUT talking to others there are far more profitable businesses who pay far less tax than we do, the way the business is set up doesn't help but both myself and my brother have tried discussing succession with our parents to ease the tax bill and other things that could be done but they don't want to know ! I dread getting the brown envelope with my tax bill in !

I’m sure more partners reduces total tax.

Same situation as all above, struggle to build up any sort of reserve or it all goes on tax

 

[Landrover]

On paper we make a profit but have a overdraft that is always high, not helped this year by a very large stewardship payment having not arrived yet ! Chasing it up at the moment !

 

[Ceri]

What do you farm & in what quantities... Fair dos you must have one hell of a business...

 

[Al R]

What do you farm & in what quantities... Fair dos you must have one hell of a business...

It’s not 120k, it’s 60k..

 

[bobk]

4 partners = 50k profit before tax . A year

 

[Nearly]

First world problems.

You do need a better accountant.

 

[teslacoils]

Expand and invest = no tax.
Every other way = pay tax?

 

[Ceri]

It’s not 120k, it’s 60k..

Yes I get that £60k tax still means terrific profits

 

[Chris123]

Buy some sheep

 

[bobk]

Buy some sheep

Get married .