Pre Year End Tax Planning
If you’re already a client then you can stop reading, we send you the ‘get ahead checklist’ every year just before your year end. If you like we can run through it with you in person.
If you’re not a client yet then have a look at the support we give our clients even before we’ve started their accounts. Below is a sample of the subjects that should be considered by business owners prior to their year end
Excess Profits, if you’ve had a particularly good year then you need to act now to mitigate your tax position – many things that reduce tax cannot be done retrospectively.
Drawings, if you’ve taken money out of the business, now is the time to make sure it has been properly catgorised and that the suppoting paperwork is in order. We can also help with excess drawings and find a way to minimise the personal tax cost.
Pensions can be a very efficeint way of saving tax but its important to get the timing and the paperwork sorted.
Pre-year end spending. We don’t recommending increased spending just to reduce the tax payable, but any planned expenditure that is accellerated to before the year end can mean the tax benefit is enjoyed a whole year earlier.
Think about capital expenditure, marketing, maintenance or training costs.
Dividends are still a tax efficeint way of extracting profits, there are zero rate and reduced rate bands that can be exploited – but getting the timing and paperwork correct means there are no slip ups.