MORE THAN JUST COMPLETING TAX RETURNS
When looking for someone to complete your tax returns you must also be confident that they are able to provide a tax planning service. Far too many people these days with computer software think that filing a tax return is straightforward and indeed it is, but they neglect the fact that it is the work done before the data entry and the real tax planning that makes the difference to your tax bill.
Are you taking full advantage of:
- Annual Investment Allowances
- Making the most of personal allowances
- Research and development allowances
- The right planning for company car users or should you even have a company car or claim mileage allowances
- Claiming expenses fully and knowing what you can legitimately get the business to pay for
- Corporate group structures and would they be right for you
- Business Exit tax planning
- Salary sacrifice arrangements
- Dividend waivers
- Inheritance tax planning
- PAYE savings
- Employment termination benefits
- EMI schemes (Enterprise Management Incentives ) and tax efficient share schemes
- Entrepreneurs’ relief
- Planning of a suitable legal entity for your business (Sole Trader, Partnership, Limited Company, LLP)
- Should you own the property the business operated from or should the company own it
- Dividends, are they worth paying or is there a better way to remunerate the shareholders?
ARE YOU GETTING THE RIGHT TAX PLANNING ADVICE?
Are you really happy that your accountant or tax advisor is doing all this for you or are they crunching numbers and costing you in a higher tax bill?
You need to be happy that the tax advice you are given meets your business objectives, far too often we see bookkeepers being asked to complete and file tax returns for clients and many of these do not have the training to give good tax advice. Lets be honest you wouldn’t ask a hospital porter to remove your appendix so why would you ask a bookkeeper to give tax advice?
You work hard to build your business, you put your money into the business your emotional effort, time and risk your financial future so you must therefore be diligent with the advisors that you use, not only when selecting new advsors but also when reviewing of you are truly happy with the service that you get from the existing accountant and tax advisor that you use. Poor professional advice could undo all your good work by offering you a poor service and don’t forget that you are signing the tax return, not them and you are responsible for its contents.