Failure to plan for business taxes can cost you money.
Although you should never let tax breaks persuade you to make a poor business decision, it is essential that as part of your planning for your new business, you build in steps to minimise taxes.
What does business tax planning involve? The areas you'll need to consider include:
The 'structure' of your business
Claiming tax deductible expenses
Taking advantage of capital allowances
Making the most of tax reliefs
Involving family members in your business
Business year end planning
Reducing your capital gains tax liability
And eventually, planning for a tax-efficient exit from your business.
