Plan your taxation
Make sure that you are doing all the simple things that are available in terms of planning your taxation – and other financial – affairs. These will differ greatly according to your current and future personal circumstances but should certainly mean that you:
• Fully utilise your current annual tax allowances.
• Fully utilise your basic-rate tax band.
• Consider pension planning and maximise contributions where this is appropriate.
• Maximise contributions into ISAs.
• Consider Capital Gains Tax and ensure that you fully utilise annual exemptions (for yourself and your spouse) where appropriate.
• Ensure you have a current and tax-efficient Will in place.
• Make sure you have an effective Lasting Power of Attorney in place to ensure that, in the event of incapacity, your financial affairs can be dealt with as you would wish.
• Consider making gifts to utilise your annual inheritance tax allowance
These are just a few thoughts designed to get you thinking about ways to increase the profitability of your business, while keeping the tax you pay to a minimum. I hope there’s been something here that you found useful, and I hope that will help you to go ahead and change the way you run your business to make, and keep, more cash!