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Year-End Tax Planning for Businesses
*New Report Released March 2019*

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As the end of the tax year or the accounting period approaches, it is a good time for businesses to take stock and review their affairs. No-one likes to pay tax unnecessarily, and a little time spent considering the tax position ahead of the year-end can realise considerable tax savings. This guide looks at some of the questions business owners ask themselves in the context of year-end tax planning.

Here is what is being shared with you in this guide: 

1. Introduction

2. Sole Traders And Unincorporated Business

2.1 Overview

2.2 Basis Of Accounts Preparation – Cash Basis v Accruals Basis

2.2.1 The Cash Basis

2.2.2 Traditional Accounting: The Accruals Basis

2.3 Consider Changing Your Accounting Date

2.3.1 Changing The Accounting Date To Benefit From Overlap Relief

2.4 Utilise Personal Allowances

2.4.1 The Personal Allowance

2.4.2 Ensuring The Personal Allowance Is Not Wasted

2.4.3 Preserving The Personal Allowance

2.4.4 Consider A Marriage Allowance Claim

2.4.5 Other Allowances

2.5 The Trading Allowance

2.6 Consider Your Marginal Rate Of Tax

2.7 Claim A Deduction For All Allowable Expenses

2.7.1 Is The Trading Allowance Beneficial?

2.7.2 The Wholly And Exclusively Rule

2.7.3 Revenue v Capital Expenditure

2.7.4 Check The Timing Of Expenditure

2.7.5 Consider Simplified Expenses

2.7.6 Common Deductible Expenses

2.7.7 Don’t Forget Pre-Trading Expenses

2.8 Claim Relief For Capital Expenditure

2.8.1 The Annual Investment Allowance 

2.8.2 Writing Down Allowances

2.8.3 First-Year Allowances For Low Emission Cars

2.8.4 Structures And Buildings Allowance

2.8.5 Tailor Capital Allowance Claims

2.8.6 Capital Expenditure Under The Cash Basis

2.9 Accelerating And Deferring Income And Expenses

2.10 Utilise Losses Effectively

2.10.1 Sideways Loss Relief

2.10.2 Extension To Capital Gains

 2.10.3 Carry Forward Against Future Profits Of The Same Trade

2.10.4 Early Year Loss Relief

2.10.5 Terminal Loss Relief

2.10.6 Cap On Loss Reliefs

2.11 Capital Gains

2.11.1 Take Advantage Of The Annual Exempt Amount

2.11.3 Business Asset Rollover Relief

2.11.4 Gift Hold-Over Relief  2.11.5 Entrepreneurs’ Relief 

2.12 National Insurance Contributions

2.13 VAT

2.13.1 Are You Ready For MTD For VAT?

2.13.2 Is The Flat Rate Scheme Still Beneficial?

2.14 Year-End Pension Planning

2.14.1 Make Pension Contributions To Benefit From Associated Tax Relief

2.14.2 Check Your Lifetime Limit

3. Partnerships

3.1 Introduction To Partnership Year-End Planning

3.2 Partnership Profits

3.3 Payments By Partnership To Partners: Distribution Or Expense?

3.4 Interest Deductions: Partnership

3.5 Profit Sharing Ratio

3.6 Individual Partners

3.7 Interest Relief: Partners

4. Family And Personal Companies

4.1 Introduction To Year-End Tax Planning For Family And Personal Companies

4.2 Minimising The Company’s Taxable Profits

4.3 Making Best Use Of Company Losses

4.4 Tax-efficient Extraction Of Profits

4.4.1 Pay A Salary To Preserve Pension Entitlement

4.4.2 Claim The Employment Allowance

4.4.3 Employ Family Members

4.4.4 Use The Dividend Allowance

4.4.5 Extract Further Profits?

4.5 Directors’ Loan Accounts

5. Payroll Year-End Issues

Tax Insider