Considerations for Owner Managed Business at Tax year end
With the end of the 2022/23 tax year on the horizon it is time to consider that all-important end of tax year top ups.
· Pension top ups – a fabulous tax savings option BUT you do not want to exceed the £40k threshold.
· Dividend – consideration needs to be made to the company available distributable reserves and your taxable income levels so as not to exceed the £100k mark and lose your personal allowance.
· Salary / Dividend split for 2023/24 tax year
It is a good idea to get proper tax advise to ensure you get the above correct, otherwise it could cost you £££ in lost and unnecessary taxes.
Onshore Consulting would be happy to assist you. Please visit www. onshore-consulting.co.uk or email us at onshore-consulting.co.uk.