Minimising Business Tax

The dates chosen for starting or ending a business and for its accounting year end can make an important difference to the tax position and cash flow. Similarly, the timing of important transactions or purchases of capital equipment can have a significant effect.

It pays to consult a Chartered Accountant before committing yourself to a decision on timing, since you may be able to save tax or delay the payment of tax. Most expenses of running a business are tax deductible but there are exceptions.

A Chartered Accountant can help to ensure that all legally available tax allowances have been claimed and also to achieve maximum benefit from the timing of capital allowance claims. The tax implications should always be considered when investing in new equipment, buying a new car or undertaking any other major expenditure.

Depending on circumstances, the best approach might be outright purchase, loan finance, hire purchase or leasing contract.

Dividing a company's operations into subsidiary companies or branches may provide tax advantages, as may the formation of a company by a sole trader whose business is expanding rapidly.

Trading or setting up overseas brings its own problems which can sometimes be extremely complex. To assess the tax advantages and disadvantages of overseas operations, you need to get expert advice.

To plan a course of action which will ultimately lead to a better life style in my retirement

To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations

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