This is a very important part of our work for our clients.
We don’t get involved in tax avoidance schemes.
For example it is important to make sure you declare the right amount of dividend at the right time. Unused tax allowances in a tax year do not get rolled forward to the next tax year. Paying 32.5% on your dividend in one year whilst leaving unused allowance within the 7.5% in the previous year is not good planning and expensive.
It is important to calculate the correct salary for you. The NI threshold is often more important than the personal allowance. Paying a salary at the personal allowance threshold can cost more tax.
Consider making company pension contributions – this is a very tax effective tax saving strategy for the right person. One needs to consider a large range of factors, including existing pension pots, previous contributions, age, spouse pensions etc. etc.
These are just some examples, there are many others. We include standard tax planning for all our clients.