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Tax Planning

When you run a business, keeping your tax affairs in good order can mean much more than allowing you to stay on the right side of the taxman.

By working with Banks & Co’s tax planning experts, you may also be able to gain extra resources to benefit your business.

Whatever your business structure, we’ll help guide you through the tax maze, take advantage of all available reliefs to minimise tax liabilities and keep more of your profits in your pocket.

And if you are operating as a sole trader, partnership or limited liability partnership, we can also explore whether the tax benefits of incorporating as a limited liability company make this the right option for you.

If you want to expand your business, or buy new equipment to help move your enterprise forward, we can advise you on how you can make investment work for you by taking advantage of a range of tax incentives.

If you are considering purchasing new plant and machinery, the annual investment allowance (AIA) allows you to spend £100,000 a year and deduct the whole sum from your profits before paying tax. This allowance will reduce to £25,000 in April 2012, so if you were considering longer-term investment, we can advise you on the best way to accelerate your plans.

The capital allowances regime also gives tax relief on spending above the AIA and on some expenditure on buildings while attractive tax incentives are available for expenditure on “green” technology and equipment.

If your business is involved in science and technology, you may be eligible for valuable research and development tax credits – worth 200 per cent of qualifying expenditure for SMEs, rising to 225 per cent in 2012 – that can put money back into your business and make a real difference to its financial health.

At Banks & Co, tax planning isn’t just about saving your money: it’s an integral part of our work to support your performance improvement and business growth.

For more information on how we can help you, please contact us.