I hope these points may assist you but I accentuate these are only my opinions and they may not suit everyone. So prepare carefully together with your accountant. Always prefer wise advice for future.
(1) Can you incorporate?
For sole dealers and corporations, the tax is payable on account of the original liability in pair payments. If you pause selling these installments will require being reviewed downwards.You can visit https://taxpage.com/ for tax solutions if you are also feeling that taxes are a burden .
If you shift the trade to an organization no further tax will be due from the unincorporated trade once the terminal accounts have been submitted and the tax repaid. The organization will have to spend Corporation Tax. Before the organization can have any tax to fund twelve months will cross and then there are a further nine moons before the tax grows payable.
(2) Have you any overlay supplies?
Each unincorporated company should question their auditor to examine the tax calculations to see if there are any unrelieved overlap earnings. This is profit that has been taxed twice due to the basis of evaluation and if unlocked can be used to defeat the modern tax payable.
(3) Payments on an account.
In a recession gains reduce and as tax payments on account are based on the values of the earlier period a compression in earnings will lead to a lower tax burden.You may browse this site for more tax related problems.
(4) Have you subscribed for shares?
When the economy joins recession often businesses fail. If you have subscribed for shares in a special company and spent cash you can set the property loss versus income.
(5) Is there any investment you have not claimed yet?
You could be spending too much tax if you have not recognized all your permissible expense, together including your auditor examination all investment and see if you can claim more than you have.
Be careful from a different company if you previously have one as this heads to the small organization rate being bisected with a possible increase in the enterprise tax payable.