No business owner wants to pay any more tax than they need to, yet many organisations overlook ways they can reduce their business tax liabilities.
McMillan Wealth consultants can make an assessment of your business requirements and advise you on acceptable tax mitigation strategies, such as:
- Company pension contributions
Employer pension contributions are one of the most tax-efficient methods as your contributions are usually fully allowable in calculating the profits chargeable to corporation tax.
- Remuneration strategy
It is important that you regularly review how income is drawn out of your company. For example, you may wish to consider reducing salary and maximising the use of dividends, as you are still able to claim state benefits without tax consequences or national insurance contributions.
- Claiming Allowances
We can advise you on your eligibility for claiming available allowances to reduce corporation tax where possible.
If you’d like to discuss your business needs in more detail, please do not hesitate to contact our team today.
The value of a Pension will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.