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Onside Tax
Onside Tax has developed out of our experienced and knowledgeable tax team at Onside Accounting and has been established to provide first class UK tax advice and assistance to businesses and individuals. Our Onside Tax and Onside Accounting teams will work closely together to offer a one stop shop for all your tax and accounting needs.
Onside Tax is led by Managing Director, Ryan Snape, a Chartered Tax Advisor (CTA) and former Head of Tax at Onside Accounting, and Onside’s Founder and CEO, Martin Brennan FCCA. Together they have a wealth of experience and expertise with helping businesses to navigate the complex maze of UK tax, ensuring they achieve their commercial objectives tax effectively. With a particular specialism in R&D tax relief for innovative companies, including those in the FinTech and Digital sectors, both Ryan and Martin are highly experienced in working with companies of all sizes and from many industries.
We specialise in the tax issues most relevant to entrepreneurial businesses, namely EIS/SEIS, EMI, R&D tax credits and much more. We are also vastly experienced in personal taxes especially those with complex circumstances such as capital gains, residency and property issues.
We deliver our tax advisory services with great care, taking the time to fully understand our clients tax position. We aim to break down complicated tax legislation in ways that are straightforward and easy to understand. To this end, we not only ensure that clients meet their tax obligations and get the best tax results, but also that they have an understanding of their tax position and can be confident that they are in good hands.
Tax Advisory for New Tech Companies and High Growth Companies
R&D Tax Relief
R&D tax credits are a fantastic financial incentive for companies undertaking projects that seek to gain a scientific or technological advance.
Our qualified and experienced tax team will:
Analyse the projects your company has undertaken to determine what may/may not qualify under the legislation.
Undertake an assessment of all the company’s expenditure, to confirm what will obtain enhanced R&D tax relief, and maximise the claim within the law.
Working with you, prepare a clear and well evidenced R&D report to be submitted to HMRC, to support the claim for R&D tax relief.
As needed, obtain advanced assurance from HMRC in relation to qualifying projects.
EIS / SEIS Investments
If your company is raising investment, your investors may want to obtain tax relief under EIS or SEIS schemes, which can provide an income tax saving of up to 30% (EIS) or 50% (SEIS) on the amount invested.
We can help you to understand how your company and investors can qualify for the scheme, and we will assist your company with securing EIS or SEIS relief on the investment amounts, and can guide you through the process.
Our tax team will assist you with:
Analysis of whether the company has a qualifying business activity for EIS/SEIS.
Application for advanced assurance from HMRC, to confirm the company will qualify.
Preparation of compliance application to secure EIS/SEIS relief from HMRC.
Preparation of tax relief forms to be provided to investors.
Employee Share Option Schemes
Employee share schemes are a superb way to attract, incentivise, and retain key staff for your company. Government schemes such as Enterprise Management Incentives (EMI) and Company Share Option Plans (CSOP) can have some material tax benefits for the employee and the company, though even non tax advantaged share option schemes can be fantastic tools for employee incentivisation.
We have a wealth of experience and expertise in helping employers to understand how these schemes work, helping set these schemes up in a commercial and tax effective way, and we will assist with the ongoing compliance for the scheme.
Our team will assist you with:
We have a wealth of experience and expertise in helping employers to understand how these schemes work, helping set these schemes up in a commercial and tax effective way, and we will assist with the ongoing compliance for the scheme.
Our team will assist you with:
Advice on how the scheme works, the tax advantages, and what set up will work best for the employees and the company.
Valuation of the shares, and obtaining agreement from HMRC (for EMI and CSOP)
Advice on granting share options, and dealing with reporting requirements with HMRC on your behalf.
Annual reporting requirements for share options schemes.
Business Tax Advisory Services
Selling your business
If you are selling to a third party, it is important that you have tax advice throughout the process to ensure that the final agreement terms, and the structure of the sales proceeds, provides an effective tax result. Small and subtle differences in the terms and wording can have enormous effects on your tax position.
If you are keen for the company to pass to the employees/management team that have helped grow and run it, we can help structure a management buy-out. If structured effectively it is possible for you to receive a fair price for your shares, and by using company funds (rather than personal funds), it is more affordable and viable for the management team.
Valuation of your Business / Company
There are many reason that your business or company may need to be valued, and can include:
For inheritance tax planning
Sale of the business
Matrimonial disputes or shareholder disputes
We will consider the circumstances in the round and the appropriate methods of valuing the business/company shares, and will provide an independent report for the value of your business/company.
Company Restructuring
There are a number of reasons that you may want or need to restructure your company/group, including:
Protecting assets by inserting a new holding company.
Demerger of the company to divide the trade(s) and or assets for tax purposes, or due to shareholder or matrimonial fallout.
Sale of part of the trade/assets of the company to a third party.
Reorganisation of a group of companies.
However there are a multitude tax hurdles to traverse when proceeding with such planning, and many different types of taxes involved. We can provide expert advice on how such planning should be done tax effectively, and help navigate you through the process, including: obtaining clearance from HMRC, and a relevant valuation of the trade/assets of the companies.
Property Business Structuring and Incorporation
Structuring your property letting business in the right way can have material tax benefits. However for individuals with personally owned property portfolios, restructuring the business can have significant tax costs.
We can assist by analysing the situation and determining the most tax effective options to restructure the business in line with your objectives. Where relevant, we can advise on how the property business can be incorporated into a limited company structure tax effectively, saving capital gains tax (CGT) and in some cases stamp duty land tax (SDLT) as well.
We can assist by analysing the situation and determining the most tax effective options to restructure the business in line with your objectives. Where relevant, we can advise on how the property business can be incorporated into a limited company structure tax effectively, saving capital gains tax (CGT) and in some cases stamp duty land tax (SDLT) as well.
Personal Tax Advisory Services
Self Assessment Tax Returns
You may receive income or capital gains in the tax year which have not been subject to tax at source. Where these income/gains result in tax being payable, you are required to prepare and file a self assessment tax return, and submit this to HMRC. Our expert team can assist by:
Registering you for self-assessment (if you are not already registered)
Registering as your tax agent, to deal with HMRC on your behalf.
Preparing your self-assessment tax return, ensuring the tax on your income and gains is correctly calculated, with due consideration to all relevant tax reliefs and allowances.
Advising on planning year on year to help mitigate tax in your lifetime.
UK Tax Residence
Your UK tax residence status has a material effect on what income and gains are subject to tax in the UK. The rules in this area can be complex to interpret, depending on your personal circumstances.
We have considerable knowledge and experience with analysing and interpreting the rules and case law in this area, and can provide assurance of your tax residence position and tax compliance in the UK.
Capital Gains Tax and Property
Capital Gains Tax (CGT) may be payable on the disposal/sale of assets by UK taxpayers, including shares, business assets, and land/property. There are a number of commercial tax reliefs and allowances that can apply depending on the circumstances and objectives of the asset disposal, and it is important to have robust tax advice to get the most beneficial tax result.
In particular, we can advise on the application of:
Private residence relief and letting relief on the disposal of property that has been used as a main residence.
Gift Holder Relief on gifts of assets to individuals or trusts
Rollover relief on the disposal of business assets.
Business Asset Disposal Relief (formerly Entrepreneurs Relief) on the disposal of a business or shares in a personal company.
Investors Relief.
We will analyse your position, prepare a computation the tax due, with due consideration to the availability of tax reliefs and allowances, and will assist with any relevant tax filings.