Taxation planning and management is often complicated for financial services firms. Tax rules will have an impact on how an organization is initially structured, and on some of the strategic choices it makes. Too, the lines between compliance, accounting, regulatory reporting and tax are continuing to blur, making the context in which tax choices are made additionally complex.
To help manage tax in a more proactive, integrated way for organizations and the executives who own them, Cordium offers a complete suite of tax services in the United Kingdom, including both corporate and personal.
Cordium’s experts have specialist knowledge that enables them to keep in touch with tax rules and practice changes, as well as minimize tax liabilities. Cordium’s tax services extend from initial structuring through full implementation for start-ups, to ongoing pro-active advice and hands-on support for established companies. Cordium is also able to ensure tax compliance on corporate and partnership tax returns.
As well, Cordium’s tax team sit alongside the financial and regulatory reporting team and compliance consultants – they are part of a working environment where knowledge and practical experience is shared on a daily basis. These services go hand-in-hand as the tax treatment of a transaction will usually depend on its accounting treatment and any tax planning must compliment regulatory compliance. As a result, Cordium is able to offer holistic advice that includes the best options for a firm.
Cordium’s specialists advise on the optimal structure for a business from a tax perspective, taking into account commercial and regulatory considerations, as well as the personal considerations and intentions of its principals. Cordium’s tax experts advise legal teams on the best structure requirements, from developing the framework to reviewing the finished legal documentation.
Cordium’s team can manage tax registrations in certain jurisdictions. For example, all proposed UK corporate entities must be registered with HMRC for Income, Corporation and Value Added Tax. Individual members of any LLP must register as self-employed for National Insurance purposes. Cordium is able to handle all these formalities and can act as the formal Agent with HMRC.
CORPORATE TAX COMPLIANCE
The preparation and filing of tax returns is a core service, complementing Cordium’s ability to provide proactive tax advice. Cordium can prepare tax computations and file tax returns on behalf of client’s UK entities (and overseas entities with a UK business, e.g. non-resident landlord companies), which are often a combination of LLP’s and limited companies. Cordium’s experts advise on all related aspects, including tax liabilities, payments on account, relevant claims and elections that need to be made.
CORPORATE TAX ADVISORY SERVICES
As the business develops over time and tax law and practice changes, Cordium’s experts help ensure structures remain optimal from a tax perspective, giving hands-on, pro-active and strategic level assistance where needed. Cordium’s team have not only extensive corporate tax experience, but also the specialist knowledge relevant to asset management taxation, such as:
- Investment Manager Exemption (it is essential to satisfy IME tests so UK activities do not attract UK tax on offshore profits)
- UK reporting fund status (to attract UK investors, as gains are treated as capital rather than income, thus subject to less tax)
And because Cordium has considerable practical experience of dealing with the Revenue on these matters, the team can also respond on clients’ behalf to any actual or potential HMRC enquiry.
Reporting Fund Tax Services Factsheet
PRIVATE CLIENT TAX
Cordium provides a complete private client tax advisory and compliance service including the preparation of annual tax returns and tax calculations, and advising on income, inheritance, and capital gains taxes. The team also deal with international tax issues and act as an agent to handle HMRC inquiries.
When structuring new businesses, Cordium’s team often become deeply involved, which naturally leads to providing proper tax planning for the principals. Depending upon personal circumstances, the team will factor in issues such as domicile, residence and attitude to tax risk. Aside from advising owners and managers (and their families and trusts) Cordium can also offer guidance to employees. The team works with a wide range of clients, including expats, non-domiciles and high net worth individuals.