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IF YOU OWN and/or manage an SME business and you want to save business taxes then read on because this is the article for you writes Tony Byrne (pictured), managing director of Wealth & Tax Management.
Here is a quick list of five easy ways to reduce your business taxes.
- Get your business rates independently assessed and claim small business rates relief if applicable;
- Keep your taxable profits below £50,000 to benefit from the lower rate of Corporation Tax at a rate of 19% instead of 25%;
- Claim 86% tax credits on research and development (R&D) if applicable;
- Maximise employer pension contributions for yourself and your spouse if you are married and your spouse is employed in the business. Consider a final salary SSAS rather than a SIPP because you can pay on average 2.6 times more into such a pension;
- Change your company car to a 100% electric one and reduce your benefit in kind taxation substantially. Current benefit in kind charge is just 2% of the value of the car when it was new.
There are numerous other ways to reduce your business’s taxes. This just gives you a flavour of some ways to do so. Make sure you engage a tax specialist or at least a tax accountant. An accountant without tax planning expertise will be unable to save you much, if any, tax. Supplement the advice with the services of a tax specialist Chartered Financial Planner who specialises in advising SME business owners and/or business executives of such businesses.
If you are interested in ways to save taxation, why not take advantage of a one-hour Discovery Meeting either at our offices or via a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 October 2023? You know it makes sense.* We offer a great cup of coffee too!
Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote OCTOBER 2023 offer to book your free discovery meeting.
