The look of love

And what my heart has heard, well it takes my breath away; or so says Dusty!

As a business owner providing services to the wedding industry you are no doubt aware of how much work goes into those breathtaking moments. With a number of company owners opting for March year ends, outlined below are my top tips to make your corporation tax liability look even better in the final quarter.

• Ensure employer pension contributions (in particular the larger one-off payments) are paid by the year-end.

• Make use of the £200,000 Annual Investment Allowance (AIA) and the various first-year allowances available in respect of capital expenditure.

• If the AIA has been fully utilised, review the commercial benefits of operating leases for capital expenditure.

• Ensure provisions for company liabilities are evaluated, something as simple as recognising a dilapidation provision for leased premises can help reduce taxable profits.

• Consider in-house projects undertaken during the year and determine whether R&D tax relief can be claimed. Companies making a successful claim can turn £100,000 of qualifying expenditure into £43,700 of tax relief. Many sectors can benefit from this tax relief; it is not just for those working in laboratories!

Fingers crossed for an exceptionally romantic Valentine’s Day resulting in more couples to work with during the next financial year!