It is always a good idea to set up a planning meeting with us a couple of months before your business year end so that we can advise you on the best actions to take to reduce your taxable profits. In addition to considering paying yourself a bonus from your company you might consider:
- Bringing forward expenditure on equipment to take advantage of the 100% annual investment allowance (AIA) – up to £1 million a year on new and used equipment;
- For limited companies, most new equipment qualifies for unlimited “full expensing” relief;
- Where equipment is bought on hire purchase, make sure that it is brought into use by the year end to get tax relief on the full purchase price; and
- Making additional pension contributions, taking advantage of the new £60,000 annual input allowance.
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