As we approach the end of the calendar year how are you maximising the tax planning opportunities for your business?
As a specialist tax practice we are fully aware of the value that a detailed tax review can add to your business. If properly implemented such reviews can add a huge amount of value to the business. Furthermore it can help you to set a long term tax strategy to ensure that you only pay the tax that you should.
In our experience few businesses plan ahead and therefore fail to maximise the full potential of the tax planning opportunities available to them. They do not surround themselves with the correct advisers to ensure that they add maximum value. Consequently they are likely to be paying more tax than needed.
As the saying goes, if you fail to prepare…..
We carry out an annual tax review of our business and also the personal position for each of the directors. Using a digital approach, we review thousands of potential planning opportunities and reliefs to ensure that we apply the relevant ones to our business. We identify short term easy wins and longer term opportunities and as a result are able to compile a long term tax strategy.
Why? I hear you ask. Surely as a tax adviser you are on top of all aspects of planning for your business. The answer is, yes we are but our business is constantly and rapidly changing. Consequently, the planning that we implemented last year needs to be reviewed and refreshed on a regular basis.
For many businesses, tax will be one of the greatest expenses incurred after staff and property related costs. Whilst spending significant amounts of time on staffing tax is often neglected, yet the savings can be huge.
Results of our own tax review
Our year end has just passed and I thought I would share our results. We identified 77 possible planning opportunities covering. income, capital gains, corporation and inheritance taxes.
5 quick wins for simple easy things to implement, which will save us time and therefore improve our efficiency.
2 planning points that needed immediate action to preserve available reliefs, resulting in over £10,000 of tax savings.
And finally a number of long term planning points which will continue to be monitored for the future.
We are a tax specialist digital accounting practice. We use technology to automate the systems and processes of your business to give you access to more information. With this information we help you to plan, grow and make the right decisions.
To find out more about how we can help you to maximise tax planning opportunities, please contact us.