It is always a good idea to set up a planning meeting with us a couple of months before your business year-end so that we can advise you on the best actions to take to reduce your taxable profits. In addition to considering paying yourself a bonus from your company, you might consider:
- Bringing forward expenditure on equipment to take advantage of the 100% annual investment allowance (AIA) – up to £1 million a year on new and used equipment;
- For limited companies, most new equipment qualifies for unlimited “full expensing” relief;
- Where equipment is bought on hire purchase, make sure that it is brought into use by the year-end to get tax relief on the full purchase price and
- Making additional pension contributions, taking advantage of the new £60,000 annual input allowance.
So make an appointment today to make sure that you’re not missing out on any tax advantages.
