* indicates required

Five easy ways to reduce your business taxes

Sponsored Article

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.

The Financial Conduct Authority do not regulate tax planning.
The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This article is based on my own observations and opinions.

More from Milton Keynes:

More wealth management articles: