Tax planning  – Help us help you
Tax planning – Help us help you
Hive commitment for 2023
February 27, 2023

As many of you will have heard recently from Ross Martin, the Group Chairman here at Hive, part of our Hive commitment for 2023 is to help our clients get on top of their bookkeeping and maintain up to date records.

This is the first step in shoring up the financial foundation of your company and ultimately allowing us to help you to save money and plan for the future with confidence.

Having complete, accurate and quality reviewed data allows us to work proactively for you, offer advice that will help you achieve your goals moving forward and save as much of your hard-earned funds as possible.

At Hive, we are always looking for different ways we can aid our clients not only in the immediate future but over the middle and longer term.

Our current focus within the accounting department is pre-year-end tax planning, working with our clients to set their tax strategies. We are using the up-to-date data they have provided to advise our Sole trade clients on financially beneficial actions to take before the 5th April deadline. Creating structured dividend withdrawal plans for Limited companies without them, and reviewing existing plans and strategies to ensure they remain that which is most advantageous to our clients.

When a client’s data is not up to date however, we are unable to review their position or identify any opportunities for tax or other savings. This might not seem like a priority right now but please take a moment and think back a few weeks to your last tax bill.

Any Hive client who has not heard from us over the last week can expect to receive a message in the next few days to kick off the planning process.

We would like to take this opportunity to urge all Hive clients that have not yet had the time to prioritise getting their data in place and accurate up to at least the 31st December.

We know that next January seems a long way off, but action needs to be taken now as the 5th April deadline is looming and it is illegal to backdate most forms of tax planning these days. Having a strategy in place should help minimise the bill you receive in the new year. Now is the time to complete data so it can be reviewed and analysed before the tax year end.

If you are struggling with getting your bookkeeping up to date, please get in touch as soon as possible and we will do all that we can to help you.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Team Hive
If you have any questions or comments about this article, please get in touch.
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