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Tax planning

Clients who own limited companies have seen big changes since 2016-17 to the way in which dividends received are taxed.

Most have probably got used to them but 2018-19 sees another subtle change to the dividend tax rules.

Many clients will be familiar with the concept of the £5,000 “tax free” dividend allowance from their discussions with RNS partners as part of their tax planning.

Some of you will be aware this £5,000 “tax free” dividend allowance drops to £2,000 starting from 1st April.

We will continue to monitor and offer advice on a one-to-one basis.

Partner Rob Smith said: “We always look closely at clients’ personal circumstances and marry those to tax efficient profit extraction from their limited companies.

“The mix of salary, pensions and dividends for profit extraction together with retirement planning, succession planning, business expansion and business sale can be complex.

“We are seeing an increasing need to consider strategies for clients who are considering their retirement or perhaps succession planning.

“This can be a complex area where the input of your accountant as tax advisor and an independent financial advisor working closely together is essential to achieve your goals and a tax efficient outcome.

“To that end we work closely with our fellow partners and colleagues at RNS Financial Services Ltd, often having a combined meeting and reviewing the full picture of tax and retirement planning for clients.”

This experience and advice under the trusted RNS banner helps enormously, said Rob.

He has worked on several cases over the past two years with partner and independent financial advisor Andrew Clayton on retirement and exit strategies following business sales.

“As ever it is important to start these conversations early,” said Rob.

“We are seeing and increasing number of clients who would perhaps consider themselves a good few years away from the ‘state retirement’ age seeking the full spectrum of advice a combined chartered accountant and IFA meeting can offer.”

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