Jennifer Adams offers an overview of strategies for tax-efficient planning for a growing business.
All businesses need a plan, whatever the initial reasons for setting up; only a few last without one. An organisational master plan produced by the owner or management of the business sets out what steps need to be taken to achieve the business's strategic aims. Such aims might be to reach a particular level of turnover or number of clients, expand to take over other businesses or produce enough income to pay personal bills and enough to retire on. Different businesses will have different aims and, therefore, different strategies.
Whatever the type of business, the one constant is to consider the tax situation for not only the business but the business owners, their families and employees.
Tax planning strategies need to be proactive in the decision-making to minimise tax by using tax exemptions, deductions,
