Tax compliance and planning

Tax is a significant issue for every aerospace-related enterprise, so it makes sense to arrange your business’s financial affairs in the most tax-efficient manner, while always ensuring that you remain compliant with HM Revenue & Customs’ and other tax authorities’ rules.

At Milsted Langdon in BathBristol, TauntonYeovil and London, our expert tax team will look at all aspects of your tax position, from whether your business structure is bringing the  maximum tax benefits to pension contributions and tax-efficient remuneration.

We can also ensure you are making best use of all the tax allowances and reliefs available so that you are not taking out money to pay corporation tax and other liabilities when you could be using those resources to invest in developing your business.

According to 2011 figures from A|D|S, the UK’s aerospace, defence and security trade organisation, in 2010 civil and defence aerospace spent £1.77 billion on research and development. With technological innovation so important to the sector, we help you make the best possible use of the government’s research and development tax credit regime to put money back into your business and fund ongoing research.

We can also look at ways to make the annual investment allowance (AIA) for tax-free investment in plant and machinery work for you, alongside the capital allowances that offer tax relief on spending above the AIA and on some expenditure on buildings and on “green” technology and equipment.

We have particular expertise on VAT issues and if you decide to sell your business, we can help you to obtain the maximum benefit from entrepreneurs’ relief on capital gains tax on the profits, without this having an adverse effect on your inheritance tax position.

At Milsted Langdon, we don’t see, tax planning as just about saving your money: it’s an integral part of our work to support your performance improvement and business growth.

For further information on our aerospace accountancy, business advisory and tax services, please contact us.