A very popular service is our Tax Healthcheck. This personalised service can be performed yearly along with your tax return preparation or twice yearly (once during the year and once alongside the tax return preparation). The purpose of the tax healthcheck is to review whether your business and personal tax affairs are optimised, i.e. whether you could take any steps to pay less tax in legal ways, considering recent changes in tax laws, reliefs, allowances, and recent changes in your personal or business affairs, etc.
The tax healthcheck would usually consider:-
> Whether you were using the optimum legal structure, i.e. sole trader, partnership or limited company, and whether a change would be beneficial;
> Whether there is any benefit in formally involving your spouse or family members in your business, either as employees, directors, shareholders, or partners;
> For limited company owners, the tax-optimised mix of payroll and dividends;
> The effects of any recent changes in tax rates, reliefs or allowances;
> Review of expenses and highlighting any opportunities for increasing the amounts of legitimate expenses claims;
> Exploring any benefits in changing the accounting year end;
> For loss making businesses, evaluating the best use of the losses to set against past or future profits.
> Options for investing profits in tax-efficient investments, pensions, etc.
For smaller, simpler businesses, a yearly review is ideal, but for more complicated businesses, especially in start-up or close-down periods, or where there have been lots of tax law changes announced in recent Budgets, then a twice-yearly review is recommended so that actions can be taken far sooner, within each year, rather than waiting until after the year end when opportunities for change are lost (you can’t backdate most changes!).