Corporate Financial Planning
The consequences of this oversight may simply result in paying more tax than necessary, or it can be much more serious in that events which can and should be insured against are left uncovered, with possibly disastrous consequences for the firm and its owners.
The main areas that normally need to be reviewed and actions planned are as follows:-
- Staff benefit packages – cost effective ways of maximising the value for money aspects of the wage bill
- Keyman risks and how to avoid them
- Directors pensions as a tool for tax planning, and succession arrangements
- Debt financing – cutting your interest payments
- Shareholder protection – protection against the impact of death of shareholders/directors on the business
Owners and shareholders (including employees) should also acquaint themselves with capital gains tax as familiarity with the rules as might apply to their business can allow opportunities to be taken when they arise.