With a new financial year fast approaching, and money pressures affecting us all, it is essential that business owners look for stability when considering opportunities for business savings and growth.
While there’s no doubt that running your own business results in greater autonomy and control, if you happen to be in charge of a small company, the amount of decisions you’re required to make can often feel overwhelming. With so many opportunities to grow and develop your venture, where do you begin, and how will you know if you’re getting everything right?
Through setting up or making the switch to trading as a limited company, you will open yourself up to a wider range of business and personal benefits, from having more control over income to a potentially more flexible lifestyle.
You often hear the phrase ‘wealth of tax efficiencies’ that you can take advantage of as a limited company, leading to increased profits that will help fuel growth. Certainly, providing your services through a limited company will often be regarded as more professional by your clients, but you’ll also be afforded greater financial protection, with a secure structure and vital flexibility that offers far wider scope for growth.
Naturally, you’ll want to make the most of every opportunity available to you, whether that’s in growing the amount you receive from your current profits, or in growing the profits themselves!
Rickard Luckin’s Small Business Team is dedicated to helping you and your business identify and maximise the opportunities available as you plan, start and grow your business. We recognise that these are challenging times, so we’ll help equip you with the right business-related information and advice needed to plan your way forwards with confidence.
To help you make the most of your limited company in a brand-new financial year, here are some key issues for you to consider.
Take stock of your ‘big ticket items’
The best way to ensure your business is operating tax efficiently include aspects such as using any excess cash to contribute to your personal pension fund, reviewing your company share structure, and ensuring that you report any research and development activities.
Review your personal expenses
Did you know that your limited company may be able to cover the cost of personal expenses including life insurance, eye tests or general medical checks? Taking some time to review your expenses could result in significant personal savings.
Check potential growth areas for extra funding
Plans for business growth often require expansion. If you’re looking to invest in essential machinery, or are thinking about expanding into larger or additional premises, it is very likely that you’ll have access to grants or funding to assist you.
Understand and plan for your liabilities
Ensure you keep accurate records and manage your finances carefully. Plan ahead for future tax liabilities, such as VAT, corporation tax, PAYE and personal income tax to ensure you have the funds available when they become due.
While its structure may not be right for every business, trading as a limited company comes with many advantages. Rickard Luckin’s Small Business Team can help you reap the financial benefits, helping you navigate your way through any additional paperwork, explaining your responsibilities and ensuring you’re best placed to maximise all those new and exciting opportunities.
To arrange a no-obligation appointment, simply contact us for a chat.
If you have any questions about the above, or would like more information specific to your circumstances, please enter your email address below and we will get in touch: