We list some of the questions you may want to consider
Approaching your company’s year-end is a challenging time. There are the ever-present challenges of profitability, cashflow, and (getting and keeping) customers. What is essential, however, is to take the time to review, plan and take advantage of the significant tax breaks available to business owners for the future of their business, and as individuals.
For business owners, personal and business finances are inextricably linked, one being dependent on the other. There are many time-limited allowances available to business owners and as individuals, and being time limited, if they are not taken advantage of, they are lost.
We have listed here some of the questions you may want to consider before your business’ year- end include:
- Should you make a company pension contribution or take the income and pay a personal pension contribution?
- Should you pay yourself a bonus (and do you pay the tax on the bonus and leave the money in your loan account for cashflow) or a dividend?
- What capital investments do you need to make and what allowances do you need to use?
The answers to these questions will influence your overall financial planning, your mortgage planning and your pension planning. And all of these have an effect on your financial future.
Our advice would be to take the time now to review and assess your business’ and your personal financial position. This will help you determine which allowances are available to you and how best to use them, not only for today but also for tomorrow.
We work with our clients, and their other professional advisers, to help them through the maze of choices. Often, significant gains and improvements can be achieved by changing existing arrangements and plans, without starting new plans.
If you’d like to learn more, please get in touch to arrange a call back from one of our advisers. Call us on 0141 352 7800, or use our contact form below.
Tax treatment varies according to individual circumstances and is subject to change.
Approver Quilter Financial Limited 8th September, 2023