Business Planning & Corporate

/Business Planning & Corporate
Business Planning & Corporate 2017-01-27T18:15:38+00:00

When you approach the end of your business tax year it is vital to review the financial data.

  • Revenue
  • Expenses
  • Salaries
  • Dividends

This will allow you to consider strategic plans within the tax year to control liabilities. In the event these dates are missed, full corporate tax due would fall and any planning would have to fall into the next business tax period.

An example of this may be:

Business revenue = £200,000

Expenses claimed = £20,000

Salaries paid to 2 staff = £22,000

Dividends taken = £20,000

Company tax due in this example = £31,600

If, however, we added in

  • Company pension for 2 people @ £40,000 each
  • Further appropriate expenses @ £10,000

This would reduce the profit down by £90,000 and the tax by £18,000.