TAX AND BUSINESS PLANNING
When planning the costs of running your business, there are a number of things directors will automatically take into account. These are costs such as buying products, renting space, paying staff and so forth. Taxes are often forgotten
Taxes can be a significant part of the cost of running a business. It is vital you plan and manage your taxes to:
- Ensure you are pricing your goods and services at a price that will cover your tax charges
- Avoid surprises with your tax bills
- Avoid paying unnecessary taxes and penalty charges for not being proactive with the rules; legitimate tax planning can reduce tax significantly
- Put in place and streamline the internal processes and systems required to be tax-compliant
Businesses can be totally unaware of certain taxes. One example of this is the Construction Industry Scheme (CIS). It covers a broader scope of activities than is apparent, to untrained eyes. If you, the business owner, do not realise that it applies to you, HMRC may hit you with an eye-watering penalty: They never accept ignorance as an excuse.
HOW CAN ASTON BLACK HELP?
When taking on a new client we always review and analyse the business together. This helps the business-owner pinpoint the scope of their tax responsibilities. With frequently changing business or tax rules, it is useful to have an accountant, because we can remain on top of these regulations, reassess and advise you accordingly.