Business Tax

Not ensuring your business benefits from specific advice when accounting on their taxes and their business type is a strong mistake for a business owner to make. It removes the risk of missing out on tax advantages and savings that could be made to you following minimal if any changes to your accounts.

Tax planning and budgeting for corporation tax can help businesses be maximise tax efficiency and run with a smoother cash flow. Ensuring you withdraw your money from your business with the optimal route possible following the choices you wish to make on where you would like your money if elsewhere to your personal holdings can save you thousands, if not millions of pounds over the years.

Tax Relief

Our accountants ensure businesses are proactively aware of tax reliefs and allowances available to them. Businesses must consider when buying and selling assets, accounting for goodwill or making a loss for example.

Further allowances such as Research and Development allow businesses to benefit from additional reliefs above the usual 100% tax relief on specific expenditure within each project assuming criteria is met. Advanced assurance is available to small-medium enterprises offering additional security to smaller or new creative and innovative business’ and organisations when applying for tax credits.

Capital Allowances

Capital allowances are available to claim on assets used within your business. Tangible assets purchased may qualify for capital allowances such as first-year allowance or annual investment allowance. Assets that do not qualify or exceed any specific allowances available should be kept in an asset register so that written-down allowances can be claimed each year. You should consult an accountant to ensure capital allowances are calculated correctly; special rates and rules apply to specific assets depending on asset type, when and how the asset is used as well as the business’ structure and trade.

Investments and Non-Trading Income

Investing your money when your business is just as important as making money within the business itself. Ensuring you keep money in the correct places throughout calculating your personal and business capital can help assist in ensuring you maximise output.

Gift Aid

Donating in charities assists in the capital and growth of our future and can benefit your business tax allowances. Charities can claim gift aid of 25% back from HMRC.