Minimising business tax 2024

Minimising business tax

The dates chosen for starting or ending a business and for its accounting year end can make an important difference to the tax position and cash flow. Similarly, the timing of important transactions or purchases of capital equipment can have a significant effect. It pays to consult a Demacks. Chartered Accountant before committing yourself to a decision on timing, since you may be able to save tax or delay the payment of tax.

Most expenses of running a business are tax deductible but there are exceptions. A Demacks. Chartered Accountant can help to ensure that all legally available tax allowances have been claimed and also to achieve maximum benefit from the timing of capital allowance claims.

The tax implications should always be considered when investing in new equipment, buying a new car or undertaking any other major expenditure. Depending on circumstances, the best approach might be outright purchase, loan finance, hire purchase or leasing contract.

Dividing a company's operations into subsidiary companies or branches may provide tax advantages, as may the formation of a company by a sole trader whose business is expanding rapidly.

Trading or setting up overseas brings its own problems which can sometimes be extremely complex. To assess the tax advantages and disadvantages of overseas operations, you need to get expert advice.

Agreeing tax liabilities

Filling in tax forms can be complicated. Whatever the tax assessment involved - income tax, corporation tax, VAT, etc, a Demacks. Chartered Accountant can help to collate the necessary information and prepare the return on your behalf.

Where there is a dispute over a tax liability, a Demacks. Chartered Accountant can handle the negotiations with the HMRC on your behalf, even to the extent of appealing to the Commissioners if necessary.

Some businesses have trouble sorting out transactions which are VAT-able and those which are exempt or zero-rated. A Demacks. Chartered Accountant can help you to understand the rules governing VAT and also advise on the type of invoicing and bookkeeping required for Customs & Excise purposes.
A tax liability may depend on the taxable value of a benefit received or an asset transferred. In such cases, the professional opinion of a Demacks. Chartered Accountant can help you to agree a value with the tax authorities.

If too much tax has been paid in the past, it may be reclaimed in certain circumstances. Typical examples of overpayments include a non-taxpayer?s investment income being taxed at source, incorrect PAYE coding or the omission of allowable expenses from a tax return.

Individuals must now make their own assessment regarding personal taxation. A Demacks. Chartered Accountant can help you to understand income tax rules and make sure you are fully aware of the implementation timetable.


Want better TAX ADVICE for 2024-5?

Setting up in business | Legal Compliance | Keeping informed | Planning for profit | Raising finance |
Managing growth | Buy, sell or merge | Minimising tax | Agreeing tax liabilities | Tax Rates 2017/2018 |

What Are The Benefits For You Demack?

  • Most business owners are facing challenges in these harsh financial times. We are passionate about your business and finding not only solutions to these challenges, but also to help you progress, grow and, most importantly, keep more of what you earn.
  • Despite the economic downturn our Top 15 customers have increased their combined net worth by 79% and are still growing!
1-3: Compliance work

Regular visits of at least three times a year

Deeper knowledge/understanding of business

We are interested in being closely associated with your business

So you get peace of mind from knowing someone is paying close attention to how your business is running the whole year and not just when the accounts need doing.

We will show you the valuable insight that can be gained from the analysis of your accounts.

Helping you understand your accounts so you can spot potential opportunities or danger areas much more quickly, helping you plan your cash flow more accurately.

And giving you guidance on how you can improve your profitability.

So you know book-keeping and accounting systems are working through the year so preventing any nasty surprises at the end.

You can get a lot more out of your accountant than compliance work.

4: Pushing for Profits

Forecasts to implement the four ways to grow

Using the details of your accounts

Pushing for Profits workshop

Time away from working IN your business to work ON your business allowing you to focus on its true potential.

By using the four ways to grow model you will be able to set a specific action plan to develop your business over the coming financial year to maximize your profit margin.

From our knowledge of your accounts we can create accurate forecasts that plot the best way to grow your business by highlighting the areas with the most potential for increased profitability.

5: Taking Financial Control

Monthly accounts


The monthly reviews of the taking financial control programme will keep you focused on your financial and tactical goals and keep a focused eye on profitable opportunities.

The programme will make sure you have the ALL information you need to allow you to feel confident in all the necessary financial and tactical decisions you will need to make.

It will also make sure you are within or beating your cash flow, balance sheet and P&L forecasts helping you make the most of the money you have and stop unnecessary wastage.

6: Planning For Growth

Development of Business Plan

Helping you keep more of what you earn

Tax mitigation

All good businesses have a robust plan for the future. The Planning for Growth process helps you to construct a solid vision of the direction and growth of your business.

From this strong relationship and in-depth understanding of your company you can develop long term strategies which include tax mitigation planning.


Contact Demack Accountants

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Our Services

Business start-ups, Accounts Preparation, Tax Planning and Advice, Tax enquiry and investigations, Personal & Business Taxation including Income Tax, Self Assessment Tax, Coming into/Leaving the UK, Inheritance tax, Capital Gains Tax, Corporation Tax, National Insurance, PAYE, Value Added Tax Advice and Company Secretarial services

What a Demack Chartered Accountant can do for you? Call +44 (0)20 784 1122