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  • Writer's pictureDavid Yeardley

Company year-end approaching? Don’t lose out!

Approaching your company’s year-end is a challenging time. There are the ever-present challenges of profitability, cashflow, and (getting and keeping) customers. Often, business owners can be too close to the tree to see the wood, let alone the forest! What is essential, however, is to take the time to review, plan and take advantage of the significant tax breaks available to us as owners for the future of our business and us as individuals.


Our personal and business finances are inextricably linked, one being dependent on the other. There are many time-limited allowances available to us as business owners and as individuals. Being time limited, if we do not take advantage of them, and we have to consciously do so, the tax man will not offer them up again, we will lose them.


For example, some of the questions you may want to consider before your business’ year- end include:

  • Should you make a company pension contribution or take the income and pay a personal pension contribution?

  • Should you pay yourself a bonus (and do you pay the tax on the bonus and leave the money in your loan account for cashflow) or a dividend?

  • What capital investments do you need to make and what allowances do you need to use?


The answers to these questions will have an effect on your overall financial planning, mortgage planning and pension planning, which in turn will affect your financial future.


My advice would be to take the time now to review and assess your business’ and your personal financial position. This will help you determine which allowances are available to you and the most suitable way to use them, not only for today but also for tomorrow.


We work with our clients, and their other professional advisers, to help them through the maze of choices. Often, significant gains and improvements can be achieved by changing existing arrangements and plans, without starting new plans.


If you’d like to learn more, please get in touch.


Thank you again for reading, I hope to speak to you soon, but please do take the time to act.  You might lose out and your future self might regret not taking action now.


Tax treatment varies according to individual circumstances and is subject to change.


Taxation Advice is not regulated by the Financial Conduct Authority.


Approver Quilter Wealth Limited, Quilter Financial Limited, Quilter Financial Services Limited & Quilter Mortgage Planning Limited.  April 2024 


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