Active Tax Management
There are many aspects to small business taxation and tax reliefs, as well as the taxation of business owners on their withdrawal trading profits. Planning is crucial.
Tax Efficiency of Business Structure
Understand how best to set up your business.
Business Tax Review
Revisit regularly all tax aspects of your business.
Co-ordinating Business & Personal Tax
Knowing the best way for consultants to pay themselves.
Tax Efficiency of Business Structure
Consultants practice either through a limited company, a partnership or self-employed alone. To determine the best route, there are many considerations that we discuss with our consultant clients and this involves getting to know them and their circumstances well.
Factors to consider include who your clients will be, how much you expect to earn, what other income you have, how much income you require, whether your spouse can be involved in the business – and many more.
Furthermore, this is an area where tax legislation changes frequently and it is vital to revisit your business structure with us regularly. As always, the important thing is to take time to plan and to rely on our expertise to help you.
Business Tax Review
All consultants want to understand what expenses they are allowed to claim for and how, they want to know how the can obtain tax relief for use of their car, they want to be sure that they using the best VAT scheme – and many more things besides.
We take time with all our new consultant clients to advise them on all aspects of the business that are touched by tax. The important thing then is to revisit this regularly to make sure that you are compliant, but critically to ensure that you are not missing out on tax reliefs.
As ever, it is about taking time to understand your requirements and give you tailored advice.
Co-ordinating Business and Personal Tax
All consultants want to know how to reward themselves financially in the most tax efficient way possible. No two consultants’ situations are quite the same and each requires its own tailor-made strategy, which may vary year on year depending on the results of the business, personal cash requirements and the presence of other investors.
In addition, tax rules and tax rates change frequently, which means that any remuneration strategy must be kept under regular review.
As experienced specialist tax advisers to individuals and small businesses we can advise not only on the personal and business tax opportunities open to you, but also practical considerations, such as cash flow requirements and family members involved in the business.
