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Tax Planning: Top 3 Savings Tips

Tax is that dreaded three letter word that business owners can’t escape. Whether a sole trader, the proprietor of a limited company or the owner of a small business; tax payments are impossible to evade.  However were you aware that the myth of crippling tax payments can be avoided with the help of some careful preparation?

Here at Calculated Accountants we have helped many small and start up business owners make great savings with careful and well considered tax planning. It is important to note however that, without staying on top of taxes throughout the year, it will be a struggle to put careful planning measures in place. If, as a business owner you are looking to make vital tax savings; ensure you have the help of a specialist accountant to stay on top of your tax position when the Year End approaches.

With a well controlled tax position, whatever the business and whatever the size, great savings can be made in the coming year. Below are our top three tips that are sure to help you minimise your tax payments and get you on the path to making vital savings...

  • Expenses- Ensure that you are correctly dealing with all of your business expenses. Regularly submitting expenses claims throughout the year rather than in one big go near year end can ensure you receive any returns on time.
  • Employee Benefits- Many employees can be entitled to tax free benefits so consider what you are offering and look at ways to reduce the tax payments. What about pensions? Pension contributions can provide the highest rate of tax relief so consider your options and speak to a specialist tax advisor to discover the most beneficial route to tax savings.
  • Extraction- As a business owner, the money you take to pay yourself can have a great impact on your tax and national insurance contributions. It is essential that whether you run a limited company or a small business you maintain and record business finances separately. It is agreed that for business owners the ideal solution is to either pay a salary or dividends however it is important to discuss the legal and financial implications with a specialist’s advisor.

The above are just a few of our top tips that have helped many of our clients avoid any surprise, large tax payments however the opportunities to save really are endless. To find out how your business can make vital savings, speak to our team today! 

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