Be sure to cover all the key bases as your business approaches the end of the company fiscal year.
If only turning a profit was all you had to worry about as a business owner. In reality, however, the decisions you make about salary, bonus and dividends can make all the difference in the world to the profits you end up receiving.
As Company Year End approaches, now is a good moment to think about how to use your personal tax allowances and business tax allowances so as to maximise your tax efficiency.
But where should you start?
Company Year End checklist
There are many things you can do to get yourself ready, but here are three key focuses as you begin:
This is not an exhaustive list, but it does highlight that, when it comes to making tax plans for your business, the details really can make all the difference. It is well worth ensuring you have worked out your priorities, and understood all the allowances on offer, before the end of your company fiscal year makes that year’s tax allowances unusable.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Read the original St. James's Place article here: https://www.sjpinsights.co.uk/article/ready-for-company-year-end
1-3 https://www.gov.uk/income-tax-rates/previous-tax-years
4 https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief
5 https://www.gov.uk/tax-on-your-private-pension/annual-allowance
My motivation is to help individuals and businesses understand more about their money and how it can be used to grow and protect their wealth.
Post articles and opinions on Leeds Professionals
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
