Welcome new and existing readers to the Ablestoke blog. As always, we try to provide you with help and guidance on financial matters which may be relevant and pertinent to your financial circumstances and plans.
To save you time, this article is aimed at business owners who are approaching their business’ year end. If you don’t run you own business, then the article will have limited benefit to you. We suggest you might want to ‘move on’ to reading something more relevant and pertinent to you. You might, however, find something of interest. Whether you read on or move on, thank you for your time.
If you have decided to read on, we assume you might run your own business, on your own, or with a partner or shareholders. As a business, we know the competing demands running a business must have on your time (the most valuable, scarce, and irreplaceable resource) and your finances.
Approaching your company’s year-end is a challenging time. There are the ever-present challenges of profitability, cashflow, and (getting and keeping) customers. Often, business owners can be too close to the tree to see the wood, let alone the forest! What is essential, however, is to take the time to review, plan and take advantage of the significant tax breaks available to business owners for the future of your business and to you as individuals.
Your personal and business finances are inextricably linked, one being dependent on the other. There are many time limited allowances available to you as business owners and as individuals. Being time limited, if we do not take advantage of them, and we have to consciously do so, the tax man will not offer them up again, we will lose them.
For example, some of the questions you may want to consider include before your business’ year end include:
The answers to these questions will have an effect on your overall financial planning, your mortgage planning and your pension planning. All of these have an effect on your financial future.
Our advice would be to take the time now to review and assess your business’ and your personal financial position. This will help you determine which allowances are available to you and how best to use them, not only for today but also for tomorrow.
We work with our clients, and their other professional advisers, to help them through the maze of choices. Often, significant gains and improvements can be achieved by changing existing arrangements and plans, without starting new plans.
If you’d like to learn more, please get in touch.
Thank you again for reading, we hope to speak to you soon but please do take the time to act. You might lose out and your future self might regret not taking action now.
Tax treatment varies according to individual circumstances and is subject to change.