This is the moment to grab every tax-opportunity, says a South West tax expert.
Business-owners in the South West should be grabbing all the tax-saving opportunities to weather the current economic storm.
This is the advice of Pippa Clarke, a specialist tax partner at Bishop Fleming – the accountancy firm specialising in owner-managed businesses, with the widest spread of offices throughout the South West.
“We are working with South West business owners to secure tax refunds and reduce future liabilities,” said Ms Clarke.
“At a time of severe challenge to every business, any losses can usually be set against tax liabilities. Arrangements through HMRC also mean that tax payments can be postponed to help cash-flow,” she added.
For business-owners, forced to sell assets or shares at reduced prices to confront the new market challenge, there are tax-saving opportunities. Some loans also qualify for tax relief, according to Bishop Fleming’s Pippa Clarke.
“Meanwhile, the current downturn provides the ideal tax-opportunity for any business-owner to pass equity in their business to the next generation,” she said.
“While there is no denying the difficulties that current market conditions are throwing at the South West’s owner-managed business, there are potential tax advantages to be captured in these tough conditions.” s
