|Tax planning comes in many forms. Some clients subscribe to our pre-year end planning service where we sit down 2 or 3 months before the end of their financial year and look at the likely impact of taxation on their business and ways to mitigate it.
You may want to know the tax implications of changing the structure of your business from sole trader to a partnership or limited company, or discuss the alternatives for setting up a new business venture.
If you are already conducting your business through a limited company, you will no doubt be aware that there are various ways to extract money such as salary, bonus, benefits in kind, loans and dividends. Our Remuneration Planning service will work out the effects of each and show you the savings that can be made by making the right choice.
This invariably leads into the most common question that we get asked, “Should I have a company car?” We will gladly use our sophisticated software to carry out a comprehensive planning exercise each time you consider acquiring a new vehicle to ensure you are aware of the most appropriate method of aquiring and financing it and minimising your tax liabilities.
You may have concerns about Capital Gains Tax on the eventual disposal of your business or investments such as rental property, or Inheritance Tax on the wealth you have accumulated from your hard work.
Whatever your tax problem is, be sure to talk to us before making any commitments as structuring transactions in such a way as to minimise the impact of taxation usually has to be done in advance.