Taking control of tax
Tax planning is the process of actively managing the way your business operates, and your personal situation, to ensure you pay no more than your fair share. In other words, it is about achieving tax efficiency.
Business structure is a key factor – would it be best to set up a limited company, or operate as a sole trader, or in a partnership? Getting this right is vital to avoid unnecessary income tax and, later on, possible inheritance tax.
How you decide to take income out of the business is also important. We can guide you through deciding what proportion to take as salary and dividends respectively.
Depending on the industry in which your business operates, and your personal situation, you might also be eligible for certain tax reliefs, colloquially known as tax breaks. For example, tax reliefs are available on pensions for company owners, while research and development reliefs can benefit innovative businesses.
Speak to our expert
If you need a specific advisory service, or want to know more about how we deliver, we recommend talking to one of our team about your circumstances and business needs.