By Michael Court, Tax Consultant at McEwan Wallace.
When people think about tax advice, they often picture it as something you only need when buying a property or filing a tax return. In reality, tax touches almost every financial decision we make — whether that's buying or selling a property or business, gifting assets to family, setting up a trust, investing, employee rewards, loans, divorce or separation and everyday decisions like driving a company car or expenses – the list goes on!!!!
The rules are complex, ever-changing, and often counterintuitive. What looks like a straightforward arrangement on the surface can have unexpected tax consequences once HMRC's rules are applied.
Having a tax planning specialist that you trust is a game changer! It means before you make any financial decisions, you can pick up the phone and check out what the tax implications may be before a transaction takes place.
Our specialists will Identify hidden liabilities, suggest more efficient structures or timings that reduce exposure and ensure compliance so that you don't face unwelcome enquiries later.
Take the recent headlines surrounding Angela Rayner. The scrutiny she has faced over the tax treatment of her property sale could arguably have been avoided with clear and proactive advice at the time of the transaction. Regardless of the politics, it illustrates a universal truth: even decisions that feel personal or routine can attract HMRC's attention years down the line.
At McEwan Wallace, we always stress that the best tax planning is proactive, not reactive. By involving a tax specialist early on, you can make informed choices, avoid costly surprises, and feel confident that your affairs are structured correctly.
Want to chat things through? We're here to listen and make sure you don't make any costly mistakes, so get in touch today!