Minimising Tax Liabilities

Nobody likes paying taxes but sadly it is a fact of any profitable business. Here at Cheadles we review the way your business is run and what reliefs are available to minimise your tax liability.

Every business wants to maximise their profits whilst minimising their tax liability, and there are many ways to achieve this.

Minimising your tax liability will depend on your specific circumstances.

Are you using the best business structure?

Would you save more money incorporating your business, or are you better being a sole trader or partnership?

Are you utilising your personal allowances?

HMRC give you tax free allowances each year, are you using this to its maximum potential?

Are you utilising your 0% tax bands in interest and dividends?

From 6 April 2016 new rules came into play regarding the tax of interest and dividends; have you been told about these? Are you aware of the best way to organise your profit distribution?

Should you be VAT registered?

Even if you haven't reached the compulsory level to register for VAT, this doesn't mean you shouldn't register now, it may save you money depending on your circumstances.

Are you claiming the employment allowance?

The vast majority of employers in the UK are entitled to claim up to £3000 back from their Employer National Insurance liability; have you claimed it?

Are you claiming everything your business can as a tax expense?

Some businesses are not aware there are certain tax credits available to businesses. Things such as Research and Development Tax Credits are available to certain businesses, as are Integral Feature Capital Allowances. There are also other things that businesses can claim but often forget about!

Cheadles Tax Liability Services

Give us a call here at Cheadles and we can discuss ways for you to minimise your tax liabilities.

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