Tax and Planning
DabHand are tax specialists, to make sure that your tax bill is minimised and that your business takes full advantage of tax saving opportunities available. In some of our client’s cases, we are able to reduce tax liability to nil. It is vital you receive specialist advice at critical stages of your business cycle to take advantage of the savings that can be made.
When it comes to tax, planning ahead is key. We can ensure that you are retain as much money in your business as possible by actioning tax saving opportunities at the right stages.
Which taxes you have to pay and how these can be mitigated will depend on a number of factors, including the way your personal and business affairs are organised.
What is Tax Planning?
Business owners and managers are constantly making short-term plans for their businesses. The shorter-term plans tend to have fewer planning options, as they must be actioned immediately. And not all business owners have the time to ask the question: “Where do we want to be in 5 years’ time?” and “What do we want the business to look like?” The medium to longer-term planning which takes place requires broader consideration, as there will be more issues to take into account. When considering any planning for your business, it is important to consider the tax ramifications. However, it is more than likely that the medium to longer-term planning will benefit the most from good tax planning.
Tax planning should be carried out to mitigate the tax payable, and to ensure that all possible avenues are explored. Tax planning encompasses income tax, Corporation tax, Capital Gains tax and inheritance tax. By carrying out tax planning, you can avoid excessive cash outflows, or at least predict when they will occur. Without this planning, the tax payments could severely hamper the progress of your business.
Effective tax planning can and should give your business an advantage over your competitors. The increase in cash that your business will have available can then be used to invest in other areas, or simply to increase the working capital that your business has.
Pre-Year-End Tax Planning Meetings
This meeting, which will take place 2 or 3 months before your year-end, is the key to making considerable tax savings and reducing your tax liability before your tax returns are submitted to HMRC. We sit down with you and run through all the ways that you can legally reduce your tax bill now, rather than waiting for the next financial year. This is highly individual and must be adapted for each individual client. We will also be able to tell you how well (or not) your business is doing, so this meeting is crucial as it will not only highlight areas where your business can improve, cut costs, and improve profitability, but also the ways in which your tax bill can legally be reduced as much as possible.
How DabHand Accounting Can Save Your Business Money
When you have a start-up or a business in its early stages, cash is key. A good accountant will be earning a lot more than his fee by saving you a substantial amount of money.
For a start, a good accountant will help you to avoid penalties, costs and fines from HMRC. When you have a Limited Company, you’re a Partnership or even if you’re a Sole Trader, there are deadlines you have to meet. HMRC are not very forgiving, and neither is Companies House. So if you miss these deadlines, you could get large penalties and a black mark against your name, or you could risk being investigated by HMRC. But that’s just the start.
There are many things that can be claimed as a business expense you may not be aware of, which we will help you with.
In your pre-year-end meeting, we will sit down with you and go through all the ways you could make tax savings, and take advantage of certain tax breaks which you may not be aware of. There are many ways of saving money, including benefits that you can use and take advantage of. Tax efficiency is not tax avoidance, however you obviously only want to be paying the tax that you are legally obliged to pay, and no more. When it comes to Corporation Tax, the savings can be huge, sometimes amounting to tens of thousands per year. That’s what hiring an experienced accountant can do for you. Your time is valuable, and a good accountant gives you time and freedom to focus on your business and not on accounting and bookkeeping.
So why not Get In Touch with DabHand Accounting today to find out how we can save you and your business time and money.