With the end of the tax year fast approaching, Clayton & Brewill’s Neil South reminds business owners to plan their year-end in the most tax-efficient manner.
Whether it’s been a good, bad or middling year for your business, with some forward thinking and a bit of planning, there is much you can do to maximise your tax allowances and reduce both corporation tax and personal tax bills.
As a business owner there are a number of strategies you can consider, including:
- Tax mitigation strategies through venture capital trusts and enterprise investment schemes.
- Managing income and deductions to maximise cash-flow and minimise tax.
- Ensuring that your salary and dividend payments are balanced to best benefit from personal allowances and the basic rate tax band.
- Maximising pension contributions within the taxable limits set by HMRC.
- Making the most of your ISA allowance.
- Pre and post year end capital investments.
- Utilising personal capital gains tax exemptions.
Tax planning for business owners
If you would welcome a chat about how we can help you make the most of available tax planning tools please do give us a call on 0115 950 3044 or you can email us here.