Planning ahead can save you money on your tax bills!
As the saying goes there are only two things you can be certain of – death and taxes.
We think it's important to pay tax, after all it's a good indicator that are making a profit. It is however reasonable to plan ahead and maximise your use of straight forward HMRC approved tax reliefs so you only pay the right amount of tax.
By working with us ahead of your year-end or throughout the year, we can identify tax saving opportunities for you and your business.
Just with some forward planning we have helped countless clients to save money on their tax bills.
When should you do tax planning?
We often hear from new clients that their existing accountant gives them tax advice when they visit them once a year to sign off the accounts. If that’s the case for you then that is simply too late to do any tax planning, as once the year-end has passed your numbers are fixed.
Tax planning should be done at least three months before your year-end but can be done on a more regular basis as part of your management accounts or business review meetings to ensure that you maximise tax-efficient opportunities throughout the year. It is important to allow sufficient time to find the savings and put in place anything required to support it.
What does tax planning involve?
Tax planning is unique to every business as your circumstances determine what tax efficiencies can be made.
We will review a few things with you:
business structure e.g. who is in the business and is the share structure optimised to save tax
how profitable your business is and the scope for any tax savings
how you pay yourself and whether that is the most tax- efficient way
any capital allowances you might be able to claim on items you've purchased in your business
your personal situation with your financial advisor, where you have one, to determine how much you might be able to put into your pension
Have a look at a case study where we saved a client over £39k just by taking some simple steps.
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