Speak to one of our team of specialist accountants and advisors on 01474 853 856
The question most often asked by our clients is "how do I reduce my tax liability?"
As a Construction Consultant, you are putting in a lot of time, hard work, effort and long hours to satisfy the needs of your clients, but can you be sure that you are only paying the legal minimum in tax to HM Revenue and Customs and getting the most reward for your efforts?
All accountants should have basic knowledge on how they can lower the tax liability of your business, which they will gain from attending tax courses each year. However, there are no set rules on how to achieve this in practice and it is up to each accountant how they apply that knowledge. Accountants 4 Construction Consultants have invested in creating unique solutions that go beyond basic tax planning, as well as using the more common ones in new ways.
Some examples of how Accountants 4 Construction Consultants can save you tax:
In our experience the majority of clients that come to us do not have the most suitable tax efficient structure in place. By working with our specialist team and implementing a change in your business structure it is possible to significantly reduce your tax liabilities and benefit from the following:
- Reduce or avoid the need to pay higher rate taxes
- Avoid the need to make National Insurance contributions
- Obtain greater flexibility with regards to profit distribution
- Claim full allowances on cars without incurring company car tax
- Easy to make changes to the owners of the business
- Benefit from limited liability
Pensions have lost some of their popularity over recent years in response to the large fall in pension funds as a result of the recent recession. New tax rules introduced over the last two years have removed some of the tax savings available as a result of making pension payments. However, there are still many opportunities to make some good tax savings from paying into a pension. With so many different opportunities on how you can invest your money compared to the traditional pension plan they may be more attractive to you than you realise.
Accountants 4 Construction Consultants can assist you with planning for your retirement, with expert advice from our independent financial advisor associates.
Taking Money from your Business
Careful planning on how you take money from your business is an excellent way to minimize the tax you are required to pay. The complex UK tax system results in different tax rates depending on the way in which the money is drawn. HM Revenue & Customs are aware of this and are now actively reviewing the way money is drawn from a business during an enquiry. If certain legal requirements are not met they can choose to treat your drawings in such a way that the most tax becomes due on them.
Accountants 4 Construction Consultants can ensure that you meet all the requirements so this does not become an issue.
You are often constrained in the ways in which you can withdraw money by whether you are trading as a sole trader, partnership or Limited Company.
Accountants 4 Construction Consultants can help you remove these constraints and achieve some significant tax savings for you.
Over recent years the rules have changed on the tax relief available to businesses when they purchase assets. In order to ensure that your business is benefiting as much as possible it is important to review the amount spent and timing of purchasing assets.
Accountants 4 Construction Consultants can help you make decisions on the best way to purchase your assets to ensure you receive the maximum tax relief available.
One of the simplest ways of reducing your tax liabilities is to ensure you are claiming all of the expenses that HM Revenue & Customs will accept. When reviewing the expenses we often identify costs that businesses were not aware they should be claiming for, particularly those paid by the business owners directly.
Accountants 4 Construction Consultants can help you identify all the costs that should be included and review these each year to ensure nothing is missed.
When businesses have excess cash that the owners do not wish to spend immediately, opportunities arise to invest that money. This can be very attractive from a tax saving point of view, provided the investment is purchased correctly and all the necessary paperwork is in place. Many of our clients have been able to gain some significant tax savings from investing in various assets, from property to classic cars.
Accountants 4 Construction Consultantscan assist you with turning your investments into tax savings.