Having just made it through January most businesses will be feeling the sting of the ever dreaded tax bill.
On one hand tax is a good thing – our money keeps the country running. However paying too much tax is not so much of a good thing and generally causes issues which we could all do without especially so early on in the year.
Here at Keen Dicey Grover, ensuring our customers feel relieved from the stress of dealing with their accounts and tax is extremely important to us, and we work very hard to ensure they all feel safe and supported throughout the year which by default helps the weight at tax filing time.
Did you know every year, UK taxpayers give away several billion pounds more than they need to. In 2015 the figure is expected to be around £4.9 billion. Source: www.lovemoney.com
We believe adding depth to our understanding of our clients businesses is key to producing accounts so that they demonstrate a true reflection of how the business has performed but equally are compiled in the most tax efficient way. Continuous and open communication with our customers is a vital part of that process.
The government creates many legitimate opportunities for you to reduce the amount you pay in tax. However, you may not be aware of them all, or you may be unsure of how to take advantage of them – or like many people, you may have known but simply not done anything.
Tax is a complex area, and becomes more so if you run a business or have several sources of income. Numerous factors will affect the amount of tax you should pay each year, including your job, savings and personal circumstances. But for many of us, fear of paying too little tax (and the possible consequences) means we often end up paying too much.
An independent financial adviser or a good accountant can help you identify all your areas of tax wastage and advise you on ways to become more tax efficient, saving you a significant amount of money over the longer term. They will also be able to inform you of any changes in tax law that could affect you (either in a bad way or a good way).
Let’s not forget tax compliance is a serious subject. Whilst keeping businesses tax efficiency high on the priority list, tax savings should always be achieved using best practice use of business structures and appropriate categorisation of income and expenditure.
In our world that means we can sleep at night…
Therefore you know you can sleep at night.
Keen Dicey Grover.
We care… we really care.
Gareth Davies FCA
Keen Dicey Grover
Accounts, tax and business advice: 01753 652098