Some business owners experience a quieter period in the run down to Christmas. While some business owners find this to be an uneasy period and worry about what they can do, other business owners embrace this quieter period to get things in order for the year ahead.
In this blog post we would like to look at tax planning. Tax planning should be on your year end accounting checklist. It should also be something you look at and review during quieter periods of the business to check you are on track.
Here at Direct Peak we help with tax planning in Peterborough. We help you get an analysis of your financial position from a tax perspective. This will help you ensure your business pays the least amount of tax that the law allows.
By completing some tax planning in Peterborough at the end of the year you can accelerate expenses you were planning to buy early in the New Year. For example, if you have software subscriptions or memberships that need to be renewed, you can do these before the end of the year and this will help increase your expenses and lower your taxable income.
If it is possible to defer sending invoices to customers until January, then do so. This will help make your taxable income lower than if you were to send these invoices in the current year.
These are just some of the basic legal tax strategies that you can try. However if you would like to know about some of the more in-depth tax strategies that will really help you gain some big savings on your tax we would recommend you speak to a tax accountant in Peterborough.
A tax planning accountant in Peterborough, like the team here at Direct Peak, will help you create and optimise your tax planning for the year ahead. They can also help you put together an end of year checklist to ensure that your business and accounts are all in order.
Remember – what you do at the end of the year for your business will help the success of your business in the New Year!