As a business owner, you may think that taxation and indeed all matters relating to tax are something best left to your accountant. Of course your accountant prepares the annual accounts from your records and you may think that as long as the corporation tax return has been submitted to HM Revenue & Customs that is all you need to be concerned about.
Have you ever asked your accountant about the taxation process and whether the way you draw your rewards from the company is the most tax efficient? Careful planning each year can save quite a lot of tax for the business and for yourself, putting more money in your pocket.
Do you ask your accountant about the tax effect before spending money on new plant and machinery – for example that new JCB, fork-lift truck or steel press? Can you get advice regarding the tax effect and the best time to purchase, assuming that you can afford to choose the time?
Have you thought about buying someone else’s business or considered selling yours?
Many accountants are very busy with the day-to-day work of bookkeeping, accounts preparation and PAYE. They don’t always have the time to give to more complicated tax issues and they may not have the tax expertise.
At ibd we are used to working hand-in-hand with accounting professionals and providing our clients with added-value tax advice which you and your accountants can use to save tax, whether in the annual tax process or with specialist advice on the big things such as business purchases and sales.