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When it comes to tax planning, timing is everything. Here are three tax-saving actions every business owner should consider, before the end of the financial year
The first piece of advice is simple but powerful: talk to your accountant before the year ends. Too many business owners wait until it's too late to make financial decisions that could have saved them tax. A forward-looking accountant should help you plan, not just report what already happened.
We can only change what's going to happen. If your accountant isn’t helping you look forward, it’s time to have a word.
If your company needs new equipment or tools that will make you more efficient or unlock new revenue streams, consider purchasing them before the year-end, but only if cash flow allows. Strategic spending can not only improve your business operations but also reduce your corporation tax bill.
It’s not about spending for the sake of it. It’s about spending smartly to move the business forward.
Another underused tax-saving tip is to make pension contributions for directors. This can be a highly tax-efficient way of extracting profits from the business. Carthy Accountants can work with Independent Financial Advisors (IFAs) to help you do this correctly.
Tax planning shouldn’t just be a retrospective exercise. If your accountant isn’t inviting you in for a pre-year-end meeting, it’s worth questioning whether you’re really getting the best advice. You can’t change what’s already happened, but you can change what’s next.
Being proactive gives you the chance to put the right things in place while you still have time to make a difference.
At Carthy Accountants, we don’t just look back, we help you look forward. Whether it's a pre-year-end review, asset planning or tax-efficient pensions, we're here to help you make confident, informed decisions.
Get in touch today to book your pre-year-end meeting and start putting your business in the best financial position possible.
