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For many owner-managed businesses, one of the most important financial questions is surprisingly simple:

How should you take money out of the business in the most tax-efficient way?

Directors often focus heavily on growing the business — which is exactly where their attention should be. However, the way profits are extracted can have a significant impact on personal tax liabilities.

For many business owners, tax planning tends to happen after the year end — when the accounts are being prepared and the numbers are finalised.

In reality, the most effective tax planning happens before the tax year closes on 5 April.