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Tax Planning

For any business owner or self-employed person, sound tax planning is essential. Nobody wants to pay HMRC more tax than they need to, and that’s where we come in.

At Wainwrights, we thoroughly understand the rules and regulations and have many years of experience. This means that we know how to set everything up to ensure that you pay the minimum amount of tax without breaking rules or avoiding your responsibilities.

Gain full control one of your biggest overheads

For most business owners, tax is their biggest, or one of their biggest overheads. When you stay on top of your taxes and work to minimise your exposure, you greatly improve the profitability of your business. Neglecting tax planning is nothing short of burning money.

Our service is designed to enable you to do the following:

Take advantage of tax relief and tax credits

The UK government, like many others, uses tax incentives to stimulate growth and feed growth. Being aware of the various tax relief and tax credit schemes and taking advantage of them will make a huge difference to the financial health of your company. To learn how to qualify for business rates relief, reduce your National Insurance bill or take advantage of schemes like capital allowances, you need a qualified accountancy team.

Minimise the income on which you need to pay tax

Making sure that every single business expense is taken into account is vital. Doing so keeps your company’s taxable income down, so that you end up paying less tax. Ultimately, more of your cash stays within your business, where it can be used to fuel growth.

Our team will help you to realise when you need to take some of your cash and reinvest it in your business. Moving to new premises, buying new kit or paying for training can all be timed to legally reduce your tax bill.

Reduce your personal income tax bill

If you are self-employed, a medic, a contractor or the owner of a limited company, we will work with you to reduce your personal tax bill. There are several ways to do this, and we know them all.

Ensure that you operate in the lowest tax band possible

Tax planning helps to keep firms operating in the lower tax bands. This will ensure that more of your profits are available for you to invest in keeping your company competitive.

For most firms, growth is the aim, but with growth come additional responsibilities and taxes, such as corporation tax and having to charge VAT.

Taking your start-up through this phase is a challenge we are here to assist you with. We will help you to plan ahead and recognise when your business reaches the various tax thresholds. More importantly, we can show you what the costs are, so you can manage them.

Avoid breaking the rules and having to pay big fines

Looking ahead and knowing when each tax bill is due, and how much you will have to pay, is essential. It ensures that when the time comes, you have the cash available, so you do not end up being heavily fined for paying late.

Help you to spot and take advantage of new ways to reduce your tax burden

We believe in regularly reviewing our client’s tax processes. Doing so ensures that you are not missing out on tax relief. Our team is always on the lookout for new ways for companies and individuals to reduce their tax burden.

Take care of all of your tax-related accountancy tasks

When you hire us, we can take all of your taxes for you, leaving you free to run take care of the day-to-day running of your business. Our years of experience, and the fact that we use the latest accounting software, means we work very efficiently.

Usually, we can take care of all of your accountancy tasks at a fraction of what it would cost for you to employ someone to do it for you.

Conduct year-end tax planning

Paying your taxes on time is essential. The only way that is going to happen is if your accounts are up to date and all of the forms are filled out as soon as the tax year ends. Our team will ensure that this happens, making sure that you never file late and end up being heavily fined.

Tax planning for setting up your business

How you set up your business can have a big impact on how much tax you pay. This is especially the case if you are a contractor, but it can also have an impact on sole traders, partnerships and other company formats.

Handle inheritance tax

Understandably, nobody wants to think about dying, but, sadly, it’s a fact of life and it’s important that business owners plan for this event.

Doing so and taking the relevant action will enable you to pass your company on to others. They will be able to take it forward and benefit from all of your hard work, instead of facing a huge inheritance tax bill that means that the firm has to fold.

Tax planning for selling your business

At some stage, you may want to sell your company and benefit from a huge cash windfall. That is only possible if you structure your business properly and sell it in the right way. We can help you to avoid paying more tax than you need to when it is time to let go of your business.

Who we can help

We have decades of experience, and over that time, we have helped thousands of firms and business owners to manage their tax affairs, including planning for the future.

Here are examples of just some of the types of entrepreneurs and business owners we work with. The list below reflects the areas in which we have tax planning expertise.

  • Tax planning for Ltd company owners and SMEs
  • Tax planning for medics and dentists
  • Tax planning for contractors
  • Tax planning for sole traders
  • Tax planning for charities

Let us help you plan and manage your taxes

At Wainwrights, we offer a tax planning service that is tailored to fit the needs of your business and your personal circumstances. Our team explains the various options and helps you to work out which approach will work best for you.

To get started with working in the most tax efficient way, ring us or send us an email. We can start by having an informal chat either at our offices or your business premises.

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