Wouldn’t it be great to have an idea of next year’s tax, today?

October is the perfect time of year to take a step back and assess your situation. What “situation” you say?  Well, whilst many of you are still tying up loose ends for the 2012/2013 tax year where filing and payment is due in the coming months, let’s not forget that we are now 6 months into the current 2013/2014 tax year! Yes, that is 50% the way through the current trading year (assuming the typical 31 March / 5 April year end). Would it not be good to have a handle of how your business is currently performing and what possible tax may be on the horizon, all be-it a year away? Tax planning is vital if you want to ensure you pay the least amount of tax possible. Certain government tax incentives, such as the Annual Investment Allowance that we reminded you of in our September newsletter, has a deadline, all be it a while off yet, but without effective planning grasping opportunities such as this can be easily missed. At the very least we suggest a basic tax estimate based on business income and expenses, taken from a draft profit and loss account at the 6 month milestone and then extrapolated to create a 12 month taxable profit figure. If key events are due to take place in the coming 6 months which may affect the taxable profit of the business then these should be factored in. However, this isn’t an exercise of capturing all information, but just enough to result in an educated estimate so good business decisions can be made and ultimately tax saved in advance. As a post-summer SPECIAL OFFER Figurit will prepare your business a basic interim tax estimate for 2013/2014, free of charge. To apply and find out the next steps, please contact Claire on 020 7376 9333 or claire@lansdellrose.co.uk who will be able to discuss details. Offer expires on 31 October 2013. Tax estimates will be prepared in the month of November 2013. T&C’s apply.