Tax is a multi-faceted and complex obligation that all businesses are involved with. Here are some tips on how to get the most out of your finances:
1. The new capital allowance regime
This facilitates a 100% writing down allowance for initial costs up to £50,000 on certain items during one financial year. It could be possible for your capital expenditure to get set against profiles for the year, depending on the type of expenditure. Ask your accountants for more information on this.
2. Get advice on how you pay yourself
By changing your existing arrangements in your payments of taxes and National Insurance, you could open up new arrangements for your own salary, bonuses, dividends and loans.
3. Tax-Free Gifts
Ask your tax advisors about gifts that can be classed as ‘normal expenditure’, rendering them tax-free. These could include charity gifts, partners or even your family.
4. Use professional advisors
Not only will experienced advisors ensure that you have claimed for everything you are entitled to, they will also ensure that your accounts are submitted on time to avoid penalties and fines.