Business owners should consider the timing for expenditure before the year-end of the business, particularly for things like capital expenditure and company pension contributions.
However if the tax year-end is used as trigger point, business owners can be ahead of the game and plan in advance. Points to think about are:
Once the business is in good working order, business owners should consider how they can extract their profits efficiently. This can be done in a number of ways including:
Simple planning techniques can ensure you are able to enjoy the profits of the business now without the tax being too painful.
It is also important to plan ahead. Too often business owners have not thought about a succession plan and whether this involves their families, employees or sale it is crucial to have the structure of the business right to maximise any opportunity that may arise.
If you would like to learn more about the planning opportunities available for entrepreneurs and business owners please contact your local Crowe contact.