A practical rather than a philosophical question for August. To some we are the grey, methodical, bean counters, or the sharks that stop the super rich paying tax, or just penny pinchers. Getting away from these stereotypes I think we are the guys who help people sort out their taxes as nicely as possible, help business owners understand their businesses better and help our clients work out how to get rich, over a period of time.
Fine words but what does that mean in practical terms?
We help people complete their personal tax returns and plan it out so they only pay what is necessary. Did you know that there are 40 bits of financial administration a simple company might need to file each year? We make sure all of this happens, on time every time with a robust computer system to help us.
We help by having a clear understanding of the tax system, for example do you know:
- The new way of taxing dividends will mean some rich people will be better off.
- The tax on child benefit is the first time a tax has been imposed to mean test a benefit.
- That by using a limited company and managing your income from it, you can get much more help for your children at University or the tax credit system.
- Capital gains tax is affected by your income.
- A married couple could have a £1,300,000 Inheritance tax allowance (all be it in slightly unusual circumstances), even before the recent changes.
By understanding the system we can think through how it affects you, and how to make sure you don’t over pay. Once we’ve done all that compliance work we can help work out what your numbers are saying about your business to help you make decisions to improve it.
If you want to know the financial administration you need in business I’m very happy to send you my booklet that explains all the basics, I’ll even explain it to you for free!