But when was the last time you reviewed your:
- Trading structure (Limited company, partnership, LLP etc)
- Remuneration policy (of your staff and yourself)
- Asset purchasing policy (to ensure maximising capital allowance claims)
For many business owners the answer is "not for a while".
So how do you know that your are paying the smallest amount of tax possible?
Tax legislation changes frequently both in terms of changes to the law but also changes in the way the law is interpreted and it may be the case that your business structure and/or policies are based upon law that may no longer apply.
So what can you do?
In our opinion, reviewing your tax situation should be a regular and ongoing activity throughout your business year.