Small and medium-sized enterprises through financial management planning:

A, the financing process of tax planning:

Raising funds is a prerequisite for enterprises to carry out business activities, the enterprise can be from a variety of channels in different ways to raise the required funds. Generally speaking, from the point of view of tax planning analysis, can be divided into

(1) liability financing (including: loans to banks and non-financial institutions or corporate borrowing, internal financing, the issuance of bonds, etc.)

(2) equity financing (including self-accumulation of the enterprise, the issuance of shares, etc.)

(3) other financing (leasing, purchasing on credit, etc.) Three forms.

From the tax point of view, there is a big difference in the tax consequences of these financing methods, which requires financing decisions. Tax planning in the financing decision, help enterprises to reduce the cost of capital, optimize the capital structure, increase the owner's income. Usually, the effect of internal capital raising and inter-enterprise borrowing is *4, followed by loans from financial institutions, and the effect of self-accumulation is the worst. The reason for this is that internal fund-raising and inter-enterprise borrowing are most likely to reduce the scale of tax profits by dispersing them. In terms of corporate equity and bond financing, bond issuance is more favorable than equity issuance. This is because the handling fees and interest expenses incurred in the issuance of bonds, in accordance with the provisions of the financial system can be included in the enterprise's construction in progress or finance costs.

Financial expenses as a tax deductible items can be expensed before tax, the enterprise can also pay less income tax. The dividends paid to the shareholders by the issuance of shares are paid from after-tax profits, more than the issuance of bonds to pay income tax. In addition, leasing has become an important means for small and medium-sized enterprises to realize tax-saving planning. For the lessee, leasing can avoid the long-term ownership of machinery and equipment and bear the capital occupation and business risks, but also through the payment of rent, offsetting the enterprise's taxable income, reduce the income tax burden. For the lessor, leasing can be exempted from the use and management and its required inputs, but also can obtain rental income, in addition to the rental income at 5% business tax, its tax burden is much lower than the VAT paid on the income from the sale of products.

Therefore, when enterprises raise funds without violating national economic policies, they can realize the purpose of raising funds but saving tax and increasing capital through tax planning. Of course, it should be noted that, in the tax planning of financing decisions, sometimes the reduction of tax burden is not necessarily equal to the increase of owner's income. Therefore, can not only focus on the income tax in financing, but must be whether the enterprise can get after-tax *5 earnings as the criterion for the choice of financing options.

Two, the investment process of tax planning:

The tax burden is light and heavy, will have an extremely significant impact on the enterprise investment decision. Tax planning in the investment decision-making, mainly from the investment direction, investment location, investment mode and the choice of investment partners and other aspects of comprehensive consideration, to optimize the choice.

(1) As far as investment direction is concerned, in order to optimize the industrial structure, the state has formulated different tax policies for encouraged and restricted industries in the legislation. You can invest in the projects encouraged by the state to enjoy tax incentives and reduce the tax burden.

(2) From the point of view of investment location, the state in order to support the development of certain regions, for a certain period of time to implement policies favoring them, such as the special economic zones and the western region of the tax policy. According to different investment locations, can also make full use of tax incentives, there is a lot of tax planning space.

(3) From the point of view of the investment mode, enterprise investment can be divided into direct investment and indirect investment. Direct investment refers to the investment of funds directly into the production and operation of assets. Such as the purchase of equipment, construction of factories, open stores and so on. Indirect investment refers to investment in financial assets such as stocks or bonds. The tax law stipulates that the interest income obtained from the purchase of treasury bills is exempt from enterprise income tax, the income obtained from the purchase of corporate bonds is subject to income tax, and the dividends obtained from the purchase of stocks are after-tax income not subject to tax, but with higher risks. This requires enterprises to make trade-offs. Direct investment involves more tax issues, need to face a variety of turnover tax, income tax, property tax and behavioral tax.

(4) From the point of view of the investment partners, the operating profits of the joint-stock limited company in addition to the levy of corporate income tax, the dividends distributed by the investors are also subject to personal income tax, while the operating profits of the partnership enterprises are not subject to corporate income tax, but only the personal income tax on the proceeds of the exchange rate; the foreign-funded enterprises of the close cooperation type of enterprises, to enjoy the state's preferential policies on the taxation of foreign-invested enterprises, and loose cooperation type of enterprises, partially enjoy the preferential policies of foreign-invested enterprises, while the partial enjoyment of foreign-invested enterprises, the tax on the tax of foreign-invested enterprises. The branch of the head office, because it is not an independent legal person, although part of the tax obligations, but can not enjoy the regional tax preferential treatment, while the subsidiary can not only participate in market economic activities independently, but also can enjoy the tax concessions in the registered area.

Since the business purposes of enterprises are different, they should carefully choose the investment direction, investment location, investment mode and investment partners according to their own situation, so as to reduce the tax burden.

Third, the business process of tax planning:

The business process of tax planning is in accordance with the financial policies formulated by the state allows the principle of revenue recognition, cost accounting methods, calculation procedures, cost sharing, profit distribution and a series of internal accounting activities. Through effective tax planning, revenues, costs, expenses and profits reach the value of a1, to achieve the purpose of reducing the tax burden. However, once the enterprise financial policy is determined, shall not be changed at will, so in the choice of financial policy should be forward-looking.

1, the choice of income settlement and tax planning:

Mainly through the way of obtaining income, time, calculation method of choice, control, in order to achieve the purpose of tax saving. Specifically manifested in the choice of sales revenue settlement method. Enterprises selling goods have a variety of settlement methods, different settlement methods of its tax obligations occur at different times. The current tax law provides that: to take direct receipt of sales of goods, regardless of whether the goods are issued, are received for the sale of goods or to obtain proof of sales of goods, to the bill of lading to the buyer on the day of settlement; to take credit sales and installment sales of goods, according to the contract agreed on the day of settlement of the collection date; to take the advance receipt of sales of goods, to the settlement of the day of the issuance of the goods; to take consignment and entrusted to the bank to collect the sale of goods, to the issuance of goods, to the settlement of the day of the sale of goods, and to the bank to collect the sale of goods, to the issuance of goods. Sales of goods by way of collection and entrusted to the bank, to issue the goods and complete the collection procedures of the day of settlement; entrusted to other taxpayers to sell the goods, to receive the sales list of the day of the day of the sales of the sales unit sales of the settlement. In this way, through the choice of sales settlement method, control the time of revenue recognition and tax obligations can be reasonably attributed to the income year, so as to achieve the purpose of tax reduction or tax deferral.

2, the choice of inventory valuation methods and tax planning:

Inventory valuation methods are different, the enterprise operating costs are different, thus affecting the taxable profit, which in turn affects the income tax. According to the current tax law, inventory valuation can use different methods such as FIFO, LIFO, weighted average and moving average. Different inventory valuation methods have different impacts on corporate tax payments, and the preferred method should be determined on a case-by-case basis. When prices continue to rise, the LIFO method of inventory valuation should be selected, this method meets the requirements of the principle of soundness, which can make the end of the inventory cost lower, the cost of goods sold higher, thus reducing the burden of corporate income tax and increase after-tax profits; in the prices continue to fall, the FIFO method of inventory valuation should be selected, which can make the end of the lower value of the inventory, the cost of goods sold increased, thus reducing the taxable income to achieve the "tax savings". "Tax saving" purpose; and in the case of price fluctuations, it is appropriate to choose the weighted average method or moving average method, you can avoid the fluctuations of the enterprise's taxable income caused by the change of profits in each period and increase the difficulty of arranging funds.

3, the choice of depreciation methods and tax planning:

Since depreciation is included in the cost of the product or period expenses, directly related to the enterprise's current costs, the size of the cost, the level of profits and the amount of income tax payable. Therefore, the choice of depreciation method, the calculation of depreciation is particularly important. Fixed assets depreciation method has an average life method, workload method, sum-of-years method and double declining balance method, etc. Different depreciation methods have different impacts on taxpayers. If you choose the double declining balance method or the sum-of-the-years method and other accelerated depreciation method, you can make the assets in the use of more depreciation in the first period, making the enterprise to pay less income tax, play a delay in the tax time and the role of hidden tax reduction. Deferred taxation for the enterprise, undoubtedly from the state to obtain an interest-free loan, reducing the cost of capital of the enterprise.

When calculating depreciation, the following factors are mainly considered: the original value of fixed assets, the net residual value of fixed assets and the depreciable life of fixed assets. As the new accounting system and tax law on the estimated useful life of fixed assets and the estimated net salvage value did not make specific provisions, so that enterprises can be based on their own specific circumstances, choose the depreciation of fixed assets in favor of the enterprise depreciation, so as to achieve tax savings and other financial purposes of the enterprise. For enterprises in the normal production and operation period and do not enjoy preferential tax treatment, shorten the depreciation life of fixed assets, often can accelerate the recovery of fixed asset costs, so that the enterprise later cost shifted forward, so as to obtain the benefits of tax deferral.

4, cost expensing, cost-sharing options and tax planning:

On cost expensing, the guiding ideology of tax planning is within the scope of the tax law allows, as far as possible, expensing the current costs, the expected possible losses, reduce the income tax payable and legal deferral of tax time to obtain the benefits of taxation. The current financial accounting system provides that expenses should be recognized in the period in which the related revenue is recognized in accordance with the accrual principle. There are generally three methods of recognizing expenses when they are amortized: firstly, they are recognized directly as current expenses; secondly, they are recognized in accordance with their relationship with operating revenues; and thirdly, they are recognized by calculating the amortization amount in accordance with certain methods. Enterprises can choose the method that is favorable to them when calculating costs. At the same time, the costs incurred should be written off in a timely manner. Such as bad and doubtful debts incurred should be included in the cost in a timely manner, inventory losses and damage should be identified in a timely manner, belonging to the normal wear and tear part of the cost in a timely manner. For expenses and losses that can be reasonably expected to be incurred, the accrual method should be used to charge the expenses, and the amortization period for expenses and losses to be assessed and expensed in subsequent years should be appropriately shortened. For example, the amortization of low-value consumables and amortized expenses should be chosen as the shortest period of time, increasing the expenses of the previous years and deferring the tax time. For the limit of expenses, such as business promotion costs business, business hospitality, etc., should accurately grasp the limit of its allowable expenses, and strive to be within the limit of the full part of the expenses.

5, asset impairment provision project tax planning:

"Enterprise Accounting System" provides that enterprises can extract the provision for impairment of eight, shall not intentionally more than the provision or under-provision. For those changes in operating conditions such as raw materials, appreciation of investment stocks and bonds, and improved performance of subsidiaries that cause the corresponding provisions to be reversed, they will still be handled in accordance with the relevant accounting standards, and the reversal of the provision will be credited to the current year's profit. However, the current tax law does not allow the deduction of the amount of the provisions of the specific provisions, in this case, the enterprise should be timely and flexible to provide for the provisions to increase the amount of tax deductible.