Tax planning close to 5th April

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Another week helping business owners keep more of their hard earned cash 💰 💰 💰

5th April is fast approaching so here’s a few things you can do to optimise your tax position…

1. Company Directors- organise the shareholdings of your business to fully utilise the tax allowance on dividends and optimise tax rates depending on shareholders’ other income

2. Sole traders- purchase assets such as computers/laptops/vans/ tools & equipment etc before 5th April

3. Maximise your pension contributions prior to 5th April

4. Careful timing of dividends and Director’s loans

5. Delay the sale of assets which are to be sold at a gain until after 5th April to delay any capital gains tax liabilities by a whole year!

6. If your total earnings are close to £43k and you have significant savings interest, it may be beneficial to make a charitable donation before 5th April to preserve your personal savings allowance

7. Consider paying staff bonuses by 5th April

8. If you’ve sold a rental property ensure all capital costs are reported and don’t forget to include valuation & professional fees + stamp duty paid on the original purchase; and if planning on selling soon, a delayed sale after 5th April will defer any tax payable.

9. If selling or liquidating a business ensure the conditions for entrepreneurs relief are met prior to sale. Don’t resign as Director prior to appointment of liquidator or sale; check 5 % shareholding condition is satisfied; plus consider whether delaying is necessary and/or beneficia

10. If you haven’t already done so, appointing a qualified accountant could help save you £thousands 💰 💰 💰