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. 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.
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 which 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 and minimising this will help your business to grow and become even more successful.
Estate Planning – who would you prefer to get your money after you die? Your choice or the Government’s? Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but 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 loss of capital gains, 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 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."
"As a director of a small business still in relative infancy ,having a local accountant that I can depend on is of upmost importance . Wood & Disney oversee my accounts with great efficiency and care and offer a personal bespoke service which enables me to devote my time to the day-to-day running of the business ,knowing my financial matters and all duties that need to be legally fulfilled are in reliable and professional hands."
"The team at Wood & Disney are approachable , friendly and all round ,a pleasure to work alongside."
"We have been using Wood & Disney for approximately 10 years now and have always been very satisfied with the service provided. We get practical plain English advice with no jargon, with business advice, which can make a real difference to our success as well as doing all the usual tax and accounting stuff. We would recommend them to anyone."
"I am just writing to thank you and your staff for all the help you have given us all year with our accounts. We have been so impressed with the professional and efficient service you provide. Wages are calculated each week without delay and Laura has always gone the extra mile to answer our questions when we've needed advice."
"At the end of five years of profitable trading I wish to place on record my thanks for the way in which our accounts and tax affairs have been conducted. The advice and support given by everyone ensured that we avoided myriad pitfalls into which we could have fallen. The promptness and accuracy of your service is commended. It is a pleasure to work with dedicated professional people."
"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."
"Please can I take this opportunity to thank you and John for completing these accounts for me swiftly, and in an efficient manner. It is a great please to deal with a firm who can provide a good service without the need for me to get heavily involved in too much detail."
"I was really touched to receive the bottles of Australian Wine in honour of my 60th. It also reminds me that I have been using your firm, originally through Philip Wood, since 1976 (so half my life!). So thanks to you and the firm, and I look forward to your continued support. For some, retirement may begin at 60, but I am intending to stay in harness for some time still.. So you may assume that we will remain in contact for some years to come."