We are an accountancy firm specialising in tax planning and have carried out dozens of different tax planning and optimisation arrangements with our experts. With our help, you will pay the optimal amount of tax at the right time and avoid paying extra tax!
We help businesses with tax planning and other tax-related matters all year round. Planning should be done continuously throughout the financial year to minimise the overall tax burden for the entrepreneur.
Most entrepreneurs want to raise as much income as possible from their business with as little tax impact as possible. This can only be achieved through good tax planning.
Tax planning can be done by both businesses and entrepreneurs themselves. The starting point for tax planning in business is often an assessment of the entrepreneur’s financial needs in his or her own personal finances.
The entrepreneur can withdraw as much as he or she wants, provided there is a balance in the business bank account. However, this is not optimal from a tax point of view. First, we work together to map the entrepreneur’s personal finances. After this mapping, we will understand what the entrepreneur’s personal goal is in the long term and will then be able to think about the most tax-efficient way to reach the bottom line.
There are many solutions for tax optimisation, but we will work with you to find out which is the most effective way in your particular case. Often this is an optimal combination of salary and dividend or the creation of a holding company.
A limited company pays income tax on 20% of its profits. The personal tax for entrepreneurs consists of a progressive income tax on earned income and capital income, with a tax rate of 30% for capital income below €30 000 and 34% for capital income above €30 000. The means by which and when the funds are repatriated from the limited company to the entrepreneur determines how the income is taxed for personal tax purposes. There are many different solutions to this, allowing the entrepreneur to generate more income for himself from the business.
There are several ways for an entrepreneur to withdraw funds from his business. The most typical are wages and dividends and various tax-free allowances such as mileage and daily allowances. The entrepreneur can also rent at a fair price to the company personally-owned assets such as a commercial building, and thereby generate income from the company. If the company needs finance, the entrepreneur can lend money to the company and receive interest income. When considering how to withdraw funds, it is good to be aware of the items that will reduce the company’s profit for the financial year. For example, a salary will reduce profits, but a dividend withdrawal will not. It is therefore not sensible, for example, to withdraw dividends alone, because the income tax rate on small amounts of salary is below the 20% corporate tax rate for a limited company (although the situation is different if the entrepreneur receives income from other sources).
A limited company is often better than a trading name for financial forecasting and tax planning. As a limited company owner, you can choose how much you want to raise from the company. The salary you raise will affect how much income tax you pay. For a sole proprietor, on the other hand, all income from the business is automatically taxable income.
Even for a small limited company, it is worthwhile to implement tax planning to avoid paying extra tax. Taxable income can be influenced by such things as the timing of purchases, depreciation, the entrepreneur’s salary and the payment of dividends.
Whether your limited company is small or large, we can help you avoid paying extra tax by optimising your business and your finances. Our experts will go through your tax plans with you and explain the different ways to influence your company’s taxable income.
Our accountancy experts will provide you with careful tax planning that will make your taxes more predictable, leaving you with more time and resources to grow your business. Whether it’s a generational change or the creation of a holding company, you need to plan ahead.
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Do you still need to sort out your company’s accounts or are you dissatisfied with your current accounting firm? Do you feel that your company’s accounting is complicated and expensive? Don’t worry. We’re here to help you. Bookkeeping is a statutory task that needs to be done accurately and on time.
