When we complete annual accounts here at Minerva we carry out a simple tax review for all our business clients. We can then contact them if we think they’re not taking advantage of all the obvious reliefs:
- Would they be better off (financially) as a limited company or a sole trader/partnership?
- Do they need to register for VAT? Would there be any benefit to registering voluntarily?
- Does their spouse or child work in the business or could they be a shareholder?
- Salary, dividend, pension? Are they taking £ out of their business in the most tax efficient way possible?
- Are they approaching the £50-60k band for repaying child benefit?
- Do they need to be saving for a pension? (Our All In Place review goes into this in more detail)
- Should they receive interest on money that they have loaned to the business?
- Are they claiming for use of their own home for business purposes?
- Are research and development tax credits applicable?
- Could they register for EIS/SEIS to encourage investors?