Tax Planning

Every business must prepare tax computations based on their annual accounts; these must be filed with the tax office when tax returns are submitted.

These computations can reduce your business' tax liability by including tax relief for all relevant expenses and capital expenditure. They also ensure that your business pays the correct amount of tax by excluding any spending which is disallowed by the tax regulations.

It is essential that your Returns are accurately prepared and filed on time. thomas westcott can assist your business by:

• Completing and filing business tax returns
• Preparing and submitting end-of-year payroll returns
• Helping resolve any disputes with the tax authorities

Our tax specialists can, however, offer much more than the routine "compliance" services mentioned above, by helping you plan your business and personal finances to minimise your tax liabilities. The key to successful tax planning lies in understanding the way in which the various taxes interact. We can provide specialist advice in any situation, including:

• Helping to structure your business as it grows to maximise tax savings
• Mitigating the tax burden on property transactions
• Planning the purchase or sale of your business
• Planning your exit route from the business
• Residence, ordinary residence and domicile
• Safeguarding your personal assets and family wealth
• Using trusts, EIS schemes, pension plans and other vehicles to mitigate liabilities
  

Please call us now to discuss your specific situation and the planning opportunities you could consider before the end of the tax year.

Acting now could pay dividends in the future.