Act now to save
Posted on 6th September 2022 at 17:02
You’ve worked hard in your business this year and you deserve to maximise the income you make. Tax planning before the end of your accounting year is one way that you can maximise your income and reduce the amount of tax you pay.
Tax planning can take place throughout the year or before the year-end, but it must take place before your year-end or potential savings will be lost. Ideally, tax planning should be done three months or more before your year-end so there is plenty of time to investigate the options and carry out the necessary steps.
What happens during tax planning?
The tax planning process and outcomes are unique to each business as circumstances vary and these will determine what tax efficiencies are available to you. We take an individual approach and will review your circumstances which may include:
• Your profits and the scope for making any tax savings
• Checking that you pay yourself as the business owner in the most tax-efficient way
• Check for any available reliefs that can maximise your savings
• Consider your circumstances alongside your financial advisor if you have one and think about pension considerations
• Review your business structure to see if it is most beneficial for you
As an existing client, we may have examined some of these items for you before but as things change it is always worth checking that everything is working to its best advantage for you.
Don’t put off your tax planning until it is too late, get in touch now and make an appointment to discuss the potential savings that could be made for you and your business.
Read our blog about one of our new clients that saved over £39k in their first year through proactive tax planning with us.
Tagged as: business support, business tax, cost reduction, Financial Advice, financial planning, tax planning, tax savings
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