Basics

Year-End Tax Planning: A Guide for Busy Business Owners

Reduce your tax liability and maximise your profits.

The end of the financial year is fast approaching, and for many business owners, this brings with it a flurry of activity. Alonside the usual year-end tasks, don’t forget about tax planning.

Proper tax planning can significantly impact your bottom line. By strategically managing your income and expenses, you can minimise your tax liability and maximise your profits.

Here are some simplified tips to help the “busy you”.

Review Income and Expenses

Identify sources of income: Analyse all income streams, including sales, services, investments, and any other revenue.
Categorise expenses: Meticulously track all business expenses, including rent, utilities, salaries, marketing, and travel. Ensure proper documentation for all expenses.
Consider deductions: Explore potential deductions that can reduce your taxable income. These may include:
- Research and development expenses: If applicable to your business.
- Charitable donations: If you made any donations.
- Home office expenses: If you operate a business from home.
- Travel expenses: For business-related travel.

Explore Tax Incentives

Research available tax credits: HRMC offer tax credits for specific activities, such as hiring new employees, investing in research and development, or adopting energy-efficient technologies.
Consider tax deferral strategies: Explore options to defer income into the next tax year, such as deferring invoicing or accelerating expenses.

Consult with Us

Professional advice: Review your financial situation so that we can provide personalised advice.
Discuss your specific circumstances: Share your business goals, challenges, and any unique tax situations with your us.

Stay Updated on Tax Updates

Monitor tax changes: Our tax laws can change frequently at times. Stay informed about any updates or changes that may impact your business or we can help you with that, as you may be very busy at times.