Based in Scotland, UK, Tulloch Scott is one of the country's leading firms of Independent Tax Advisers. Your tax accountants or other tax advisors will calculate your tax liability. We will then work with them to identify and resolve complex tax problems. We provide you with the specialist tax mitigation and avoidance strategies needed to make tax savings.We specialise in tax mitigation strategy advice for inheritance tax, income tax, corporation tax and capital gains tax. We work in both the Private and Corporate market place, advising and assisting private individuals, directors, and limited companies.
Services
Income Tax mitigation strategies are primarily concerned with avoiding income tax at the higher rate, currently 40%. The return on attempting to avoid tax at the lower and basic rates are out of proportion to the effort. Through the use of specialist schemes, it is possible to mitigate all liability to income tax at the higher rate, and in some cases to obtain a rebate from the Inland Revenue of all higher rate tax paid during the previous three years.Whether income arises from earnings, the exercising of share options, property rental or interest payments, the higher rate tax liability may be mitigated entirely.
Payable at the taxpayer's marginal rate of tax, capital gains tax may be deferred indefinitely, and tax paid on gains realised in the previous three years may be reclaimed from the Inland Revenue, WITH INTEREST. Forward Planning and the use of suitable Trusts and Tax Law may allow an individual to avoid the Capital Gains Tax liability altogether.
An Inheritance Tax mitigation strategy used to be a rare requirement, needed only by a few wealthy individuals who were aware enough to undertake timeous estate planning. Now however, with property price rises and an increase in home-ownership, a large proportion of UK domiciled individuals will be exposed to inheritance tax (IHT) levied on their estates on death.
Through the use of specialist trusts it is possible for the company to obtain a corporation tax deduction, to shelter company profits in a tax-free environment and for these funds to provide interest-free loans to directors and other employees with no Income Tax or National Insurance implications. We will also advise on the most tax efficient methods of receiving remuneration from the company.
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