Business Tax Planning

GAIN FROM OUR VALUABLE TAX KNOWLEDGE

Our experienced team acts for many owner-managed businesses, from sole traders and partnerships to LLPs and companies. Whether your business is long-established or young and growing, we’ll partner with you to bring you the benefit of our experience, our comprehensive services and commercial insight.

We appreciate you don’t have time to explore and understand all the intricacies of tax compliance and tax reliefs. There’s no reason why you should, when our expertise is on hand to guide your tax planning in areas such as:

• Advising on the most beneficial vehicle for your business, whether that’s sole trader, partnership, LLP or company.
• Identifying potential tax opportunities before you commit to major decisions.
• Advising on tax-efficient withdrawal of profits through salaries, dividends, pension planning, company loans or share options, to minimise tax liabilities.
• Succession planning.
• Exit planning.

BENEFITTING FROM TAX RELIEF

Ensuring you have the best qualified and motivated staff can be a challenging expense or simply unaffordable, particularly for younger and smaller businesses. However there are incentives, such as shares and share options, which you can use to tempt them and keep them committed. We’ll explain how to implement these with optimum tax-efficiency both for your employees and you.

As you develop your business, you may be eligible for R&D tax relief which can make a substantial difference to your bottom line. There’s a common misconception that suggests these reliefs are only available to tech or science companies, but even if your business isn’t in those categories, you might still be eligible. We can advise on this and help you claim.

GROWING YOUR BUSINESS

As your business grows, so will your tax exposure and liability. By knowing your business well, we can predict how your tax will be affected and plan to mitigate the impact. For example, we’ll assess the possible tax risks and identify the capital allowances and other potential tax reliefs available on your major expenses, including equipment and property.

We’ll also advise you if your business is outgrowing its original structure and a restructuring would be beneficial for tax purposes. This could mean splitting the business into different structures or perhaps allowing a group of shareholders to exit. By using our close knowledge of your business, we can take a proactive approach that could offer you more options.

ENJOYING THE REWARDS AND RETIREMENT

It’s not the taxman who’s worked hard for your business – it’s you. So it’s only right that you should be able to extract profits from it in the most tax-efficient way possible.

There are several factors involved here, both commercial and tax-related. We’ll advise you on how profits can be extracted without negatively affecting the performance of the business and how it’s perceived by others, including your customers. How much you extract and when will also be influenced by how close you are to your own business exit and retirement. Our advice will take all this into consideration.

We’ll also ensure that when it comes to selling it, passing it on to the next generation or even to the management and employees, your business is in the best possible tax position to make it attractive, ensure it’s not a burden and that it will provide a comfortable future for you.