Tax Planning & Restructuring
Tax planning is the process of analysing a financial plan or a situation from a tax perspective, with an aim to ensure maximum tax efficiency. Good tax planning is vital for Owner-Managed Businesses of all sizes since it can help them to achieve a number of their financial goals.
Tax restructuring is when a company makes significant changes to its financial or operational structure. By doing this, businesses can reduce their tax liability, and thus create a more tax-efficient corporate structure.
When it comes to tax planning and restructuring for your Owner-Managed Business, it’s important to seek professional legal and financial advice to ensure that your tax planning takes full advantage of any applicable tax reliefs. Without careful consideration, restructuring could lead to an increased tax burden during the reorganisation process.
What is Tax Planning?
Tax planning is the process of analysing finances from a tax angle, with an aim to ensure maximum tax efficiency.
Considerations concerning tax planning will include timing of income, timing of purchases, planning for expenditures, and size.
Tax planning is vital for small as well as large businesses since it will be helpful for achieving business-related goals.
Advantages of Tax Planning
- To minimise litigation
- To reduce tax liabilities
- To ensure economic stability
- To leverage productivity
What is Tax Restructuring?
One of the key reasons to consider business restructuring is the tax-efficient benefits that could come with it. Reorganising the structure of a business can create tax advantages by creating a more tax-efficient corporate structure.
From a tax planning point of view, restructuring your business could significantly reduce your tax liability going forward. However, it is important to seek professional legal and financial advice to ensure that a reorganisation takes advantage of any applicable tax reliefs. Without careful consideration, restructuring could lead to an increased tax burden during the reorganisation process.
These tax liabilities can include stamp duty on the transfer of shares, stamp duty land tax (SDLT) on the transfer of any property, VAT and corporation tax on any income that is generated. It could also lead to the loss of any tax reliefs.
How Can Tax Planning In Leicester Help You?
Specifically, our tax planning and restructuring services in Leicester can benefit your business by:
• Minimising litigation
• Reducing tax liabilities
• Ensuring economic stability
• Leveraging productivity
Help With Tax Planning and Restructuring
Whether you are already involved with a project, at the planning stage, or are looking to restructure entirely, our tax accountants in Leicester can assess any likely tax charges and put forward proposals, resulting in significant savings for your Owner-Managed Business.
By leveraging our relevant experience to conduct your planning and restructuring, we can ensure that your personal and business tax strategies are optimised. As a team of qualified and skilled tax accountants in Leicester, we are here to deliver a tailored tax planning solution that best suits you and your financial goals.
Gower Accountants Leicestershire has the accounting expertise, business knowledge, and personal commitment to help you to maximise your personal tax position. Our tax planning and restructuring services are sure to bring great value to your Owner-Managed Business.
Frequently Asked Questions
Learn How it Works!
We understand that accountancy and tax can be complicated, and you are likely to have many questions. At any time, you can book a no-obligation consultation in which we can provide answers specific to your circumstances. For more general enquiries, however, feel free to browse our FAQs!
What does “chartered” mean?
A chartered accountant is an accountant who has studied accounting to a high level and completed three to five years' work experience, earning them a professional accreditation. Once qualified, a chartered accountant can join the ACCA (Association of Chartered Certified Accountants) or another professional body.
While a regular accountant is generally capable of providing straightforward accountancy services, a chartered accountant can become a far more valuable asset to your business. Due to their in-depth expertise, chartered accountants can advise on specific business and financial matters, including corporate finance, cash-flow forecasting, forensic accounting, and advanced tax planning.
As chartered accountants in Leicester, Gower are proud to uphold the professional and ethical codes of the ACCA - and we are dedicated to using our chartered status to help Owner-Managed Businesses in as many ways as possible.
I already have an accountant, do I need to change?
Does your existing accountant offer you a pro-active, flexible service at an excellent rate? Are they easily contactable? Do they save you money, and help you to make profitable business decisions?
If so, then it sounds like you’ve got a keeper! However, if you answered no to any of the questions, or fancy exploring your options a bit, then please get in touch for a free, no-obligation consultation.
Not all accountants were created equal; some simply provide a better service, save you more money, and provide more advanced levels of business advice. If you’d like to see just how much an expert chartered accountant can benefit your Owner-Managed Business in Leicester, Gower is ready to show you.
Are you the right accountants for my business?
We understand that choosing an accountant for your business is not a small decision, and one that should not be taken lightly. You need an accountant that you can trust, who will get to know your business inside-out and will always operate in your best interests.
We’re not saying that we’re perfect for everyone - but we do have decades of experience working with Owner-Managed Businesses of all sizes, across a vast range of sectors. Once we partner up with someone, we take the time to understand their business, their needs, and their goals - and then we give it our all. This has granted us a reputation of which we are very proud.
The best way for you to see if we’re a good fit is to talk over the phone, or meet for a coffee - a free meeting, with no obligation. Let’s have a chat about how we can help your business.
I need help urgently! What can you do?
If you are experiencing an accounting emergency, we would kindly ask you not to panic. We can help!
Our Accounts Emergency corner has gotten more than a few Owner-Managed Businesses out of a tight jam. If your accounts are in a bit of a mess, or you’ve received a nasty letter from HMRC, or anything else, we’ll fast-track you and offer a quick solution.
What are the benefits of hiring an accountant?
There are many benefits to hiring a good accountant. In addition to keeping your books, managing your payroll, and keeping your accounts up to date, your accountant can actually help you to save money and boost the profitability of your business.
The main benefits of hiring a chartered accountant in Leicester include:
- Keeping you compliant - As an Owner-Managed Business, you are legally required to provide records of your accounts informatively, accurately, and consistently. There are a series of tax deadlines that must be met throughout the financial year, and if one of these is missed, it will result in a penalty.
As your trusted accountants, we can take care of everything, and thus guarantee that you remain in HMRC’s good books.
- Reducing your taxes - Knowledgeable accountants can find legitimate ways to keep your tax payouts as low as possible. Whether through government schemes, flat rate schemes, or expense claims, there are many ways of reducing the tax that most businesses don’t know about.
As tax experts, we can ensure that you never pay a penny more in tax than necessary.
- Making profitable business decisions - In order to make good business decisions, substantial knowledge of finance is often required. Without the knowledge of your business’s financial history, current state, and future forecast, your business could easily take a wrong turn.
By analysing your business’s finances and calculating logical forecasts, we can help to guide your business down the most profitable path.
Is it easy to change accountants?
If your current accountant isn’t providing the level of service you want, and you would like to move over to us, then the process couldn’t be simpler.
All it takes is just one letter from you, and then we take care of the rest. In most cases, your existing accountant cannot charge you for providing the standard handover information.
You seem to offer a lot, are your fees expensive?
We do indeed offer a wide range of accountancy services in Leicester - but our packages are tailored to match the specific needs of you and your business. We will never impose a service that you do not truly need.
Are we the cheapest accountants in Leicester? Probably not. But as far as value for money goes, we are confident that we cannot be beaten.
As with most things, the cheapest accountant is often the most expensive in the long run. Every penny that you spend with us will be applied with purpose, putting it to the best possible use - not just saving you money, but also increasing the profitability of your business.
As experienced, dedicated, highly-knowledgeable chartered accountants in Leicester, we provide a service that almost instantly repays itself in the value-added to your business.
Get in Touch!
Based on the outskirts of the city centre, Gower Accountancy is only a 5-minute walk from Leicester railway station which is easily accessible by public transport and we also provide ample parking for those who wish to visit by car.
Contact Gower Accountancy today to see how we can help you and your business: