Are You Getting The Right Tax Advice For Your Construction Business?
There’s an unspoken truth when it comes to tax advice: for construction business owners, there’s a complete lack of transparency from advisors over what tax advice actually is. This means as a business owner:
1. You don’t know what to expect from your accountant
2. You don’t know if you are getting all the advice you need
But isn’t ‘really’ anyone’s fault.
Tax advice is an incredibly complex area that hasn’t been set out as a universally defined and priced service before. Like say, bookkeeping. If you need bookkeeping, your accountant will ask you several questions about your business and give you a price based on the requirements of delivery.
Tax advice shouldn’t be any different but currently it is. Well it was until now….
There are three types of Tax Services
We’ve devised a way to define our tax services to make them completely transparent and clear for our clients, and us too!
Our Tax Services are broken down into three areas:
1. Tax Compliance
Helping you pay the right amount of tax that’s due; your year-end accounts and tax return.
2. Tax Advice
Delivery of specific work or planning to improve your tax position, to make a future saving, or get cash back into your business e.g. making an R&D Tax Claim
3. Tax Consultancy
Reviewing your overall affairs & motives and applying tax legislation to their situation, to see where you may benefit from advice in the future.
Most accountants will have a tax compliance service that is priced or built into their accountancy package services; with tax advice delivered and charged for as and when a situation arises.
Tax consultancy though? This is a bit of an unknown. But it’s where the most value sits for you as a business owner. Find out more about our tax consultancy services below.
Our Tax Services
At Saint Financial Group Ltd, we aim to be completely transparent with our pricing and recognise that as with accountancy services, the individual tax requirements of a business are very different.
At each stage of a business’ lifecycle, there are different tax service options to consider, to make sure you are paying the most efficient amount of tax. Take a look at our tax services here.
Early stage start-up
This is often where you have started your limited company with your accountant but you are still not exactly sure of what is required from you and the best way forward for your business, this can be simple things like ensuring you pay yourself in the most tax efficient way, the right split between salary and dividends (which isn’t always obvious).
Our standard service for tax consultancy is that we do the salary and dividend planning for you. We calculate the best split, to make sure you get paid in the right way.
Small, stable business
This is a crucial stage of your business where cashflow is tight for your business and your personal bills. This is where it becomes important to make sure you are extracting value from your business in the right way to benefit you and your business.
We explore the different ways you can tax efficiently put things through the business or take value out of the business to benefit yourself as the business owner.
As your business grows, the directors and shareholders can look to maximise their takings, invest in the business and also look at mitigating chargeable profits to corporation tax.
At this stage the business is investing in and disposing of assets, reinvesting in the business to expand.
Likewise, it is important to look at the structure of the business and consider whether it's better to look at expansion in the UK or overseas.
Concluding a business
At least 3 years before you plan to exit your business, whether that’s through a sale or succession its important to undertake a review and think ahead.
At this stage it’s a full 360 tax review to make sure you’re fully optimising your tax position.
Like what you see?
If you’d like to have a chat with us about our tax services and find more about what you could be doing, book a call below at a time that suits you:
Frequently asked questions
This article has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.
PS. Whenever you are ready, here's how to grow your construction business...
1. Join our Facebook Group which built completely for businesses within the construction industry. Real people, real support. - Now also available on LinkedIn.
2. Keep up to date with Construction Insider Providing you with industry insight, tips & tricks and much more to make sure you are ahead of your competitors!
3. When you are ready, Become a Saint Financial Group client, and we will provide you with the highest quality solutions to effectively scale your construction business. Book your meeting here!
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