Nobody likes paying more tax than they have to. For businesses, tax is a cost which like any other cost should be minimised wherever possible.
At the most basic level there are several simple planning actions you can take to start saving tax yet we still come across many businesses that are not aware of these easy to implement procedures.
At the other end of the spectrum we have been saving tax for our clients through sophisticated tax planning and tax avoidance for over 8 years and you could benefit too. Despite all of the media hype this is still a viable option for successful business owners.
Steve Hughes, Screenpro Limited:
The main reason we are using Cognitor is the pro-active approach to future financial planning, we also like the fact that we can speak with the guy that calls the shots at Cognitor and all of the staff are very happy to help with any queries that we have from time to time! It is important for us as a business to have a handle on the latest tax laws and also understanding the balance between being law abiding and also lean as a taxpayer, we certainly do not want to break the law as tax payers but we want to be making the right financial decisions for the future of our business and our employees.
At Cognitor, we understand that everyone has different objectives for owning a business and that the issue of how and when to leave can be very personal. For some, the exit strategy has been known and understood from the outset, but for the majority, how and when to leave your business is an issue that may never have been fully considered.
Having the benefit of independent advice can be immensely useful in ensuring that your exit is smooth, timely and meets all the objectives that you originally set out to achieve. Cognitor can not only help you to determine your exit strategy but can also help create the plan that delivers it, so that you maximise your income in retirement and save tax.
For many a successful exit from their business is achieved by a profitable sale to a third party or to the handing over of the company to a nominated successor. Through one of our partner businesses we can typically help you achieve a sale price for your business well in excess of the business owner’s expectations.
It is never too early to start planning for how you wish to distribute your hard earned wealth. If you do not have an up to date will, Lasting Power of Attorney or proper estate planning in place, now is the time to take action. And when all of that is done we can also help with your IHT planning.