You started running your business several years ago.
Since then its grown, you employ a growing team and use specialist contractors and consultants when needed.
You regularly invest in new equipment for your business. You often undertake difficult, complex, technically challenging projects and are recognised for being good at what you do.
You’re not at the stage where you feel well paid for what you do. Your business is profitable.
…a few buts…
- You’re not sure you’re as tax efficient as you could be.
- Is there a better way to pay yourself and save tax
- Should your spouse or partner and teenage children be employed in your business
- Is there a way the cost of school fees could be paid through the business
- Could your employees be paid/rewarded in a more tax efficient way
- Are there tax savings you could be making in your business
- Are there tax schemes you could qualify for but don’t know about
- Could you be buying assets and equipment more efficiently
- What’s the best way to buy a commercial property for the company to occupy, instead of paying rent
- How much should you be paying into a pension
- And can your company make all the contributions
- What type of life insurance should you have
- And can the company pay for it
- How can I plan for the future and save tax when I decide to sell
- Or pass the company to my children tax efficiently
These and many other questions can be answered in a tax planning review meeting.
These meetings can be held at any time of the year; we especially recommend prior to the end of your company’s financial year, 3 months before is a good time.
How much detail we go into really depends on your circumstances and position right now.
It may be paying yourself tax efficiently and saving businesses taxes are the issues you want to address right now.
Your exit plan, whether you sell the business or pass to your children may be something to consider now and plan for but action in a few years time.
Whatever your circumstances we recommend you get in touch to discuss having a tax planning review meeting where we can discuss the options available to you and put together an action plan to make sure you’re not paying too much tax.