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. But you shouldn’t sit back and let the taxman take all your money. By working with us ahead of your year-end or throughout the year, we can identify tax saving opportunities for you and your business.
We have extensive tax planning experience and we have helped countless clients to save money on their tax bills by undertaking a few simple steps.
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 one the year-end has passed, and the 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 it is and the scope for any tax savings,
• how you pay yourself and whether that is the most tax-
efficient way
• any reliefs that may be available to maximise the savings
• 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 recent case study where we saved a client over £39k just by taking some simple steps.
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