Year end tax planning ideas for your business
We would always recommend setting up a meeting with us a couple of months in advance of your business year end so that we can review the company’s performance and advise on any tax efficient planning opportunities.
The planning meeting would cover both the impact on the company and individual’s tax position.
Examples of such planning opportunities may include:
- Voting bonuses for staff and Directors, which must be paid within 9 months of the company’s year end to qualify as a deduction against taxable profits;
- Reviewing the company’s requirement to purchase capital equipment and utilising capital allowances schemes, including 100% annual investment allowance (AIA) – up to £1 million a year on qualifying new and used equipment; and
- Making additional company pension contributions, taking advantage of the increased £60,000 annual allowance from 6 April 2023 and utilising any unused allowance from the 3 previous tax years for individuals.
For further information on tax planning, please contact us on 023 8046 1254 or email Tom Young.