5th September 2017 Posted by - Alexander Accountancy
If you are a member of a family business there are numerous tax planning opportunities that can be used.
And these do not just relate to short term remuneration advantages. They can reduce Inheritance Tax, Capital Gains Tax and any personal tax due when transferring the business to other family members.
To fully benefit you need bespoke advice for your individual circumstances. This can look at the interplay between share ownerships, the use of dividends and the opportunities presented by family pension schemes.
There could be opportunities to use multiple trading companies to help manage strategies, but here you need to avoid the traps of common ownership.
There could even be opportunities to use the family pension scheme almost like a tax free business. Sometimes reducing exposure to Capital Gains Tax and protecting against exposure to commercial risks.
Enhance the value of your family business by intelligent use of share ownership, issuing dividends and structuring the Balance Sheet to your advantage.
This can improve the chances of obtaining outside finance, reduce the rates you are quoted, and be done without incurring any additional tax liabilities.
Find out more – Alexander Accountancy offer Free Diagnostic Reviews, so if you would like your family to benefit from this please telephone Burton upon Trent 01283 743851 or email firstname.lastname@example.org to book a meeting.