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Managing partner at Dutton Moore Tony Bullock talks about structuring a business
30 August 2013

Is your business structured correctly?

Is your company or group of companies structured in a tax efficient manner?  If not, it could cost you a lot of money. By making simple changes in the structure of your business, you could save money in unnecessary tax and national insurance payments.  You should get advice from an expert accountant to ensure you minimise the tax burden falling on your business.  Accountancy isn’t just about tax returns and numbers – you need sound financial and business advice to back up the numbers.

There are a great many points you need to consider when structuring your business in a tax efficient manner and some of the major points to consider are:

  • Income Tax – Are you utilising adult parties personal allowances and basic rate tax bands, i.e. can your spouse have taxable income instead of you to save tax?

  • National Insurance – Is your company structure in a tax efficient manner so that dividends can be drawn rather than salaries and thus greatly reducing your NIC cost?

  • Inheritance Tax – There are many restrictions as to what qualifies for business property relief, you should seriously consider this unless you want your relatives to get a nasty shock after your demise.

  • Capital Gains Tax – Will all shareholders/owners qualify for Entrepreneur Relief if the business is sold and only pay capital gains tax at 10% instead of 28%?

Talk to your accountants, they should be able to advise you on structuring your business or company in a tax efficient manner rather than just completing annual compliance returns. At Dutton Moore, much of our work is giving solid business advice to our clients as well as carrying out the necessary financial requirements for the Inland Revenue and Companies House.

 


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"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."

Lee Davies, A.C.A, Financial Director, Walker Group

"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."

Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire

Grain merchants and farmers, Burstwick, East Yorkshire:
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."

Jeremy Saunt, Director at Johnson and Saunt

"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."

Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull

"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."

Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull

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