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Top tax planning tips for businesses

Are you making the most of tax reliefs and allowances to make your business as tax efficient as possible? We outline areas for consideration:

Business structuring for tax efficiency

The decision to have a Limited Company, LLP, Partnership or Sole Trader has commercial and tax implications for your business. It is also wise to manage your succession planning to avoid costly pitfalls. Adapt your expenses claims and dividends to achieve maximum cash flow advantages and consider two Enterprise Investment Schemes that offer ways to raise finance.

Employee taxation

Are you making the most of pension contributions for employees and have you considered tax-efficient share option schemes?

Allowances and Reliefs

Make sure you’re up to speed on Capital Allowances, Business Property Relief, Entrepreneurs’ Relief, Loss Relief and Research & Development Tax Credits that may be relevant for your business.

Want to find out more? Read our full article here. 

Budget Day – Wednesday 3 March

Rishi Sunak, Chancellor of the Exchequer, delivered the government’s Budget for 2021. Key measures for employers are summarised below and more information about Budget 2021 measures can be found here.

COVID-19 support

Coronavirus Job Retention Scheme (CJRS) extension:

• 80% of employees’ usual wages will be paid (capped at £2,500 p/m) for hours not worked, until 30 June 2021
• In July, 70% of usual wages for the hours not worked will be paid (£2,187.50 p/m cap)
• In August and September, 60% of usual wages (£1,875 p/m cap) will be paid
• Employers to pay furloughed employees at least 80% of their usual wages for the hours they do not work, capped at £2,500 p/m, plus all National Insurance and pension contributions
• Find out more about CJRS

More information.