
As the UK tax year-end approaches (on 5 April), it’s the ideal time to review your business finances and explore tax planning opportunities - particularly if you are self-employed.
Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial position.
Here are some areas that may be worth exploring:
Capital allowances
If your business invests in equipment, vehicles, or machinery, you may be eligible for tax relief under the Annual Investment Allowance (AIA). Reviewing purchases before the tax year-end can help make sure that you don’t miss out on a valuable deduction.
Pension contributions
By contributing to employee or director pensions before the tax deadline, you could potentially lower your taxable profit as well as promoting loyalty in your staff.
R&D activities
Research and Development (R&D) tax credits could provide a significant boost if your company has engaged in innovation. Proactive planning can save headaches down the line, and might uncover opportunities to improve your bottom line.
Please get in touch to ensure you’re taking full advantage of the options available to you.
Comments