We have clients who were operating as a two partner partnership
generating profits of £2 million per annum. We raised concerns
about their significant tax liabilities in view of the introduction
of the 50% income tax rate....
We have a client who operated as a sole trader generating profits
in the region of £50,000 per annum and paying the associated tax
and national insurance liability on those profits despite the fact
that he did not draw all the profits from the business each year...
We have a client where the three shareholder/directors were taking
salaries of in the region of £250,000 per annum and paying
significant levels of PAYE tax together with the company having a
significant employers' national insurance liability.
We have a client with an annual profit in the region of £600,000,
with one associated company and a corporation tax liability in the
2011 tax year in the region of £165,000. The client was keen to try
and minimise this liability without the expense of paying bonuses
or using any aggressive tax planning schemes...