Whether to set up as a company or sole trader - can make a big difference to your future tax bills. If your business has employees, you're legally obliged to meet your payroll tax obligations. Business tax planning relies on understanding what taxes apply & how you can minimise them. Personal Income tax planning can make a significant difference to the tax you pay each year.
Accountancy Summit Limited Chartered Accountants and Business Advisors strive to provide the highest degree of professional service. We are dedicated to developing our clients into informed decision makers. We put you in control, first by listening and then by working with you to design unique solutions that help deliver maximum growth and wealth potential.
Accountancy Summit Limited Chartered Accountants and Business Advisors strive to provide the highest degree of professional service. We are dedicated to developing our clients into informed decision makers. We put you in control, first by listening and then by working with you to design unique solutions that help deliver maximum growth and wealth potential.
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Keeping proper tax records makes it much easier to manage your finances and taxes. Providing Accountancy Summit Ltd with clear, well-organised tax records will help minimise the time it takes to complete your tax return - and the fees you are charged. Tax records are also a legal requirement. You must keep tax records that will allow you to complete your self-assessment tax return.
Tax planning for the business owner should be based on a comprehensive approach to both business and personal taxation. Business or corporation tax planning and income tax planning should go hand-in-hand. Take professional advice to find out how best to achieve your personal and business financial goals - and minimise taxes at the same time.
Business formation - whether to set up as a company or sole trader, as an example - can make a big difference to your future tax bills. A start-up has several options when it comes to the legal structure of the new business. The simplest business set up is as a sole trader, while other options include formation as a partnership, limited liability company or limited liability partnership (LLP).
Effective business tax planning relies on understanding what taxes apply - and how to minimise them. You need to look not only at business taxes, but the effect on your overalltax position. Business taxes apply to anyone who is in business. Selling a few personal possessions at a car boot sale will not expose to you business taxes, but if you are trading for profit - for example, buying in goods to sell - you are liable to business taxes.
If your business has employees, you're legally obliged to meet your payroll tax obligations. You'll want to ensure that payroll is painless and that you take advantage of any opportunities to improve your tax-efficiency. We've included useful tools and calculators, but most employers find it easiest to get professional payroll help.
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