Business Tax Advice
Effective tax planning in business is essential if you want to minimise your tax bills and ensure you are not paying too much tax. Simple tax planning and good advice can significantly reduce your tax liabilities and as a tax accountant, we can help you to do just that here at Cannon Moorcroft.
If you set up in business as a sole trader or in a traditional partnership, you will be self-employed and therefore liable for income tax on your profits. By contrast, a limited company will require corporation tax planning as well as income tax planning. The effect in terms of overall tax (and National Insurance) liabilities depends on a range of factors, including the level of business profits and how much income you need to take from the business.
Ongoing tax planning will include ensuring you make full use of allowable expenses so you can reduce your tax liability. Effective tax planning can also enable you to bring forward expenses or defer income, so delaying tax payments.
Income tax planning for company owners needs to take into account the most tax-efficient way to take income. For example, dividends are not liable for National Insurance contributions (whereas income taken as salary is). Both company owners and the self-employed should also consider the tax planning opportunities offered by tax relief on pension contributions.
Tax planning can be particularly valuable if you are planning activities, for example, buying another business or selling your business.
Tax planning for the business owner should be based on a comprehensive approach to both business and personal taxation. Business or corporation tax planning and income tax planning should go hand-in-hand.
If you would like advice on your business tax obligations, VAT registration, IR35 advice, contact us today.
Personal tax advice
As Tax Accountants, as well as helping business owners with their business tax, we can also help you with regards to trusts and family companies with creative and constructive tax advice. Whether it’s your tax return or passing on wealth we can help. At Cannon Moorcroft we provide clear advice, tangible results and a transparent approach to fees.
We develop a clear understanding of your needs and aspirations, then apply our skills and experience to maximise opportunities and minimise risk, which sometimes includes bringing in our chosen Independent Financial Advisor to help to advise our clients with regards to Estate Planning, Retirement Planning, investments and wealth management.
Types of personal tax on which we can provide you with professional advice:
- Income tax
- Personal gains tax
- Capital gains tax
- Inheritance tax
So if you are looking for a Tax Accountant or Accounting firm contact us today.