Tax planning advice, to enable you to take advantage of the tax saving opportunities in areas such as capital allowances on fixed assets, whether to have salary or dividend, and obtaining maximum tax relief, for both income tax and corporation tax businesses, forms part of our service.
Below is a sample of points from our Tax Planning checklist:
- Are you sure you are taking money out of your business in the most tax-efficient way?
- Are you paying your working spouse a tax-efficient salary? Have you considered benefits in kind and Pension contribution for the spouse?
- Have you reviewed your pension recently?
- If your sole trader or partnership business is doing very well, have you considered whether you could save tax by incorporating the business?
- What happens to your family or business if you die? Have you made a will and reviewed it regularly? Do you have life insurance, permanent health insurance and critical illness cover? Have you reviewed your policies recently?
- If you are planning on moving home, have you explored the possibility of taking a business loan instead of a mortgage?
- Have you made full use of the fact that your children can earn over £16,000 a year as income and capital gains, completely tax free?
- If your spouse pays tax at a lower rate than you, have you considered passing some of your investments to her/him in order to reduce your combined tax bill.
If the answer to any of these is negative or you are unsure, we would be pleased to arrange a free consultation.
Our clients benefit from regular planning exercises, according to circumstances and needs, to manage potential tax liabilities. These include:
- Determining the most tax effective structure for your business
- Taking full advantage of tax opportunities and reliefs
- Achieving the optimum capital or revenue tax treatment
- Reducing tax on disposals and maximizing relief on acquisitions
- Making the most of tax opportunities specific to your industry
Make sure you take full advantage of the tax saving opportunities open to you