As the new year rolls in, its time to start thinking about the current financial year coming to a close, now is the perfect time for business owners to implement effective tax-saving strategies. Proactive planning can significantly reduce your tax bill while keeping your business compliant. Here are some of the top tax-saving methods to consider—and how Beckett Taylor, your trusted chartered accountant, can help.
- Claim All Allowable Expenses
Are you claiming everything you’re entitled to? Allowable expenses like office supplies, business travel, marketing costs, and professional fees can all reduce your taxable profit. Even smaller expenses add up, so make sure nothing gets overlooked.
How Beckett Taylor can help: We’ll ensure you’re claiming all eligible expenses and advise on the often-missed deductions that could save you money.
- Take Advantage of Tax Reliefs
There are numerous tax reliefs available for UK businesses, such as Annual Investment Allowance (AIA) for qualifying equipment purchases or Research and Development (R&D) tax relief for innovative businesses. Understanding which reliefs apply to your business is key. It is also important to ensure you are aware of what business expenses you can claim.
How Beckett Taylor can help: Our experts will identify tax relief opportunities and help you navigate the claims process, ensuring you benefit fully from what’s available.
- Maximize Pension Contributions
Contributing to pensions is not only a great way to save for the future but also a highly effective tax-saving strategy. Pension contributions are considered tax-efficient because they can reduce your overall taxable income.
How Beckett Taylor can help: We’ll advise on pension contribution limits and how to balance tax efficiency with long-term financial planning.
- Consider Capital Allowances
If you’ve purchased business assets like machinery, vehicles, or office equipment, you may be able to claim capital allowances. These deductions can lower your taxable profits and reduce your tax liability.
How Beckett Taylor can help: We’ll review your recent purchases to ensure you’re claiming the correct allowances and staying compliant.
- Review Your Business Structure
Is your current business structure tax-efficient? For some businesses, switching from a sole trader to a limited company can bring tax benefits, while others might benefit from other adjustments.
How Beckett Taylor can help: Our team can assess your current structure and advise on changes that could optimize your tax position.
Start the New Financial Year Strong
Implementing these tax-saving strategies now can make a big difference as you head into the new financial year. At Beckett Taylor, we specialize in helping businesses like yours save on tax while staying compliant and stress-free.
Need help with tax planning? Contact us today and let’s make tax season a breeze.