Keeping Your Tax Bills To The Legal Minimum
We get up every morning to help family run businesses build a better future for the next generation because family is the most important part of all of our lives.
There are lots of ways to reduce your tax bills perfectly legitimately.
Some are really simple such as making sure you claim all of the expenses to which you are entitled. Surprisingly many small businesses lose out because they forget or lose deductible expense receipts but this is very easily rectified by using a receipt photographing App linked to their cloud accounting system.
Some tax saving opportunities however are much more complicated and unless you are keeping up to date with the latest tax regulations you may miss an opportunity.
The key to keeping your tax down to the legal minimum and still sleep soundly at night is firstly keeping on top of the administration of your financial records and secondly planning. Planning means thinking about tax in advance rather than after your accounting year end.
We do not advise on tax avoidance schemes or structures. We simply make sure our clients are taking advantage of every legal opportunity to keep their tax bills to the lowest level permitted by law and which fits their individual risk profile.
Our clients also have access to our WandD Family Zone (Private) containing many fact sheets, e-books and guides to help them keep their tax bills to a minimum.
Some of the areas we advise on are:
Business Tax Planning – means thinking about potential tax relief BEFORE the year end. This is why we insist that our clients use our recommended cloud accounting systems so we can monitor their potential profit and advise on tax savings while there is still time to sort them out. Tax is a cost like any other. Minimising tax will provide additional cash to help your business to grow and become even more successful.
Estate Planning – who would you prefer to get your money after you die? Your beneficiaries or the Government? Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but not any more. With the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within the Taxman’s grasp.
Pension Planning – this is potentially your second biggest asset after your home but it doesn’t happen by accident or by itself. It needs planning and advice from a qualified professional. Wood and Disney are not authorised to offer advice regarding pension investments and therefore will introduce you to suitable Independent Financial Advisers.
Personal Tax Planning – again you cannot save tax after the tax year has ended so you need to plan. Every pound of income tax you save means more income at your disposal. Every well planned disposal of assets means minimal capital gains tax, and every inheritance tax saving means more benefit for your beneficiaries.
R&D Tax Relief – one of the most generous benefits approved by HMRC but take up remains low due to the belief that you have to be a boffin wearing a white coat to qualify. However any limited company can apply as long as they are undertaking research and development work to overcome scientific or technological uncertainty which in general terms means a project where the desired outcome may not be achievable. Our specialists get the very best results.
VAT Planning – so complex and so expensive if you get this wrong. Our cost effective VAT compliance and planning services can relieve you of this burden. We have a specialist who lives and breathes VAT and does nothing else.
Existing clients can login to WandD Family Zone (Private) to find out more about the above.
We want to spend time with you face to face to really help you create a successful business and build a better future for your family.
What our clients say!
“I have been in the consultancy sector of business for 10 years and have worked with Wood & Disney throughout this time. During this time they have worked with me through the good and bad times to help evolve my business and steer me in the right direction.
With the help of Wood & Disney I moved my records onto QuickBooks Online accounting software. I struggled to find the time to use the system to its full potential therefore I soon offloaded all the hassle onto Wood & Disney who have been able to provide me with far more beneficial real time information which has allowed me to make far better decisions for both myself and my company. I started to notice a real difference as, in a difficult period for the very niche industry, my time was freed up to spend looking for new contracts.
The impact of the more efficient use of cloud technology has had a direct improvement on my ability to plan my cash flow. Wood & Disney have provided me with provisions and forecasts for the company and its VAT and corporation tax liabilities along with my own personal tax liabilities. This has recently enabled me to make a saving of over £20k – fantastic news.
All of this has been with the help and support of Wood & Disney. They are no longer simply my accountants; they are my business advisers and I can trust with ALL my affairs. I have no hesitation in recommending them as accountants and business advisers
Thank you for your continued assistance and I look forward to achieving more together in the future".
Brand Life Consultancy Limited
“All the wood and disney team are friendly. Calls/emails are answered in a timely manner. We do not just feel like a number and it feels like wood and disney really care about us and have our best interests at heart".
Kate Heffernan & Verity Dent
Heffernan Dental Specialists Limited
“After being with Wood & Disney for several years and recently embracing cloud computing and outsourcing payroll to them I would like to say a big thank you to the whole team.
I am constantly delighted with the comprehensive and tailored support that we receive, they are a wonderful bunch of professionals. They provide us with prompt and friendly help and guidance whenever needed which is important when running a small company. They are forward thinking and always take the opportunity to give advice on improving our profitability. I can't think of anyone I would trust more with our accounts".
Paul & Amanda Cartlidge
R. Bullock Precision Engineering Limited
“I have been in the consultancy sector of business for 3 years. During this time I have had contracts which involved me working away from my family for periods of time. As difficult as this was I was happy to complete the work as I knew there was a purpose to this. The real problem I had with working away from home was having to complete my bookkeeping upon my return. This meant I missed out on spending additional time with my family at the weekends.
Wood & Disney introduced me to the use of cloud accounting technology in September 2017. To be honest I was sceptical at first, however I decided to take the plunge and see if this could help me.
I took up the cloud training on Quickbooks Online with Wood & Disney in January 2018.
Since then I am happy to confirm I can now complete my bookkeeping much more efficiently (usually during downtime at the airport), I know exactly;
• How much my company is owed from my customers and can chase them directly via Quickbooks
• How much my company owes to suppliers
• How much is left in my company bank account
I would be happy to confirm that I feel I have got my weekends back and feel more in control of my business than ever!
I have even been able to take the time to look at my company offerings and diversify my services such as drone aerial photography.
All of this has been with the help and support of Wood & Disney.
Thank you for your help and I look forward to what we can achieve together in the future".
Giles & Emma O’Sullivan
Lean Global Consultancy Limited
“I have been working with Wood and Disney for about 4 years now and I am very satisfied with the service I have received from them. They are by far the best accounting company I have worked with. They are not just my accountants; they are very professional business consultants who have been providing me with very useful suggestions on different aspects of my business. They are very competent and experienced in what they do. Brendon and David who have been working with us, are very professional and knowledgeable, and the advice they offered me in relation to claiming my company’s R&D Tax relief has been extremely useful. As such, I have no hesitation in recommending them as a very professional and reliable accounting firm based in Colchester".
Oxborrow Engineering Limited
"Since applying to your team of accountants later last year my husband and I have now realised just how misinformed we were previously. Book keeping, once a miserable task resentfully performed, has now proved to be a fundamental quality experience which has enhanced our autonomy."
"The humanistic approach undertaken by the team is of significance when dealing with people who are not so experienced in the fine art of accounts. Once again thank you, and may our future transactions prove just as satisfactory."
In my view, Wood & Disney isn't just an accountancy firm, but instead act as my business advisors. They support me and my business in planning ahead and assessing what steps I need to take to help grow my business further, in a way that suits me. I would recommend Wood & Disney to anyone looking for plain-speaking help with the financial aspects of managing a growing business. Speak with David or Peter."
“I love that you are not stereotypical accountants. You make the “subject matter” interest (as best as is possible!), and I had fun when we meet! Your engagement process is slick and simple and I’m very clear on what I’ve signed up to and my responsibility in the business relationship. You have quickly earned my trust and I feel assured you will look after Neon Solutions business needs and support us with professional, honest advice when we need it.
I am especially grateful for your patience and support while we have been getting our business off the ground and am looking forward to Neon Solution’s future with confidence – I’m pleased we can share the road to success!”
Neon Solutions Limited