What Are the Benefits of Tax Planning for Your Business?
Whether your UK business is small of large, you can always benefit from employing an accountant. A god chartered accountant will handle routine tasks such as payroll, personal and corporate tax returns, pay-as-you-earn (PAYE) tax deductions, National Insurance contributions for individuals and also corporate contributions and, of course, value-added-tax (VAT).
Handling all of this is a huge administrative burden for a company. You might think, if you have a very small company, that you can get by without an accountant, but small companies have much less spare capacity to handle things that are not part of their normal job role so the benefits, in many ways, are just as great for very small companies.
A good chartered accountant in London or one of the other major UK cities will help your business minimise your corporate tax exposure by planning properly for all of your tax liabilities.
There are a range of ways that an accountant can help such as:
€ Assessing your business model and deciding what would be the most tax effective arrangements and structure for your company.
€ Ensuring that you take full advantage of all available tax opportunities and reliefs; if necessary by small adjustments to how you do business.
€ Making sure that income, investments and capital holdings are all treated, for tax purposes, in the most tax efficient manner; again small changes can reap benefits in terms of better capital or revenue tax treatment.
€ When you sell equipment or parts of your business there are different ways to accomplish this so that you benefit as much as possible by minimising any tax to be paid. A chartered accountant can advise on all such related aspects to disposals.
€ If your company is making major purchases, or even buying another company, then, clearly you will want to do this is the most tax efficient way. Acquisitions are an area that can easily create a higher than necessary tax bill if not professionally handled.
€ Certain industries have quite specific tax opportunities and, as with many areas of the UK tax system, the rules can be confusing in how they relate to both specific industries and different areas of those industries. So don't lose out on potential tax reliefs by not employing a professional tax advisor. If you choose a good accountant you will find that many of them are also accredited tax advisors.
€ Complying with all relevant tax regulations is an onerous task and one best left to the professionals; what withareas such as corporation tax self-assessment with all it's associated rules. There is a good reason why almost all businesses will use the services of a professional chartered accountant in North London or wherever your business is based in the UK. Thorough corporate tax planning can reduce your tax bill, which naturally will lead to a noticeable improvements in your profits and, in business, that truly is the bottom line.
€ One final area related to corporate tax planning that an accountant or professional tax advisor can help with is to act on your behalf when talking to HMRC. An accountant knows which questions to ask and how to phrase them to ensure your business benefits from the tax regulations as much as possible.
Handling all of this is a huge administrative burden for a company. You might think, if you have a very small company, that you can get by without an accountant, but small companies have much less spare capacity to handle things that are not part of their normal job role so the benefits, in many ways, are just as great for very small companies.
A good chartered accountant in London or one of the other major UK cities will help your business minimise your corporate tax exposure by planning properly for all of your tax liabilities.
There are a range of ways that an accountant can help such as:
€ Assessing your business model and deciding what would be the most tax effective arrangements and structure for your company.
€ Ensuring that you take full advantage of all available tax opportunities and reliefs; if necessary by small adjustments to how you do business.
€ Making sure that income, investments and capital holdings are all treated, for tax purposes, in the most tax efficient manner; again small changes can reap benefits in terms of better capital or revenue tax treatment.
€ When you sell equipment or parts of your business there are different ways to accomplish this so that you benefit as much as possible by minimising any tax to be paid. A chartered accountant can advise on all such related aspects to disposals.
€ If your company is making major purchases, or even buying another company, then, clearly you will want to do this is the most tax efficient way. Acquisitions are an area that can easily create a higher than necessary tax bill if not professionally handled.
€ Certain industries have quite specific tax opportunities and, as with many areas of the UK tax system, the rules can be confusing in how they relate to both specific industries and different areas of those industries. So don't lose out on potential tax reliefs by not employing a professional tax advisor. If you choose a good accountant you will find that many of them are also accredited tax advisors.
€ Complying with all relevant tax regulations is an onerous task and one best left to the professionals; what withareas such as corporation tax self-assessment with all it's associated rules. There is a good reason why almost all businesses will use the services of a professional chartered accountant in North London or wherever your business is based in the UK. Thorough corporate tax planning can reduce your tax bill, which naturally will lead to a noticeable improvements in your profits and, in business, that truly is the bottom line.
€ One final area related to corporate tax planning that an accountant or professional tax advisor can help with is to act on your behalf when talking to HMRC. An accountant knows which questions to ask and how to phrase them to ensure your business benefits from the tax regulations as much as possible.
