Tax Tips
TaxAssist Accountants have a number of great tax tips for you.
The tax tips often require our expert knowledge to be made relevant to your individual business. Contact us today and let us see if we can save you money!
Savings and Investments
Don't forget the kids ! Children are entitled to make £9,200 (increased to £9,600 as of 5th April 2008) of tax free gains in their own name.
Property and Loans
Tax Refunds from Holiday Homes! If you buy a property to let as a holiday home the tax man considers this to be a trade. If the rents you collect do not exceed the outgoings, bank interest etc, you can set the loss against your other income and obtain a refund.
Losses
If you let out furnished holiday accomodation and this incurrs a loss then you may be able to claim this loss against other income in the year. There are varying conditions surrounding this tax saving.
Benefits in Kind
Consider buying the Company Car and charge your employer for business mileage. No more car or fuel benefit charges. You can charge your mileage at no more than 40p per mile for the first 10,000 business miles in a tax year, 25p per mile over 10,000 miles.
Tax Allowable Payments
Claim up to a possible 50% tax allowance if your business invests in any plant or other equipment during the tax year 2007-2008. The 50% is valid for that year only.
From 5th April 2008, businesses investing in qualifying fixed assets (like machinery) can claim 100% first year allowances on these assets.
Estate Planning
Do you have a Nil Rate Band Trust included in your will? This will save Inheritance Tax on the first death.
National Insurance and VAT
Reclaim input VAT if your employees use a rate per mile to calculate the business use of their private car. Customs and Excise provide a chart which explains the claims procedures.
Tax Administration
File your Self-Assessment return on time. Don't forget, £100 fine if you file your 2006/2007 return after the 31 January 2008.
Business Tax Planning
Zero Tax for Small Companies. The zero rate band for small companies was abolished 31 March 2006. After this date the first £300,000 of profits are taxed at 20%. This rate has increased to 21% with effect from 5th April 2008.
Personal Tax Planning
Call us if you have doubts about the amount of tax requested. HMRC do make mistakes! So make sure you check what tax savings are available to you.
Call us today 0800 0523 555 or fill out our contact form and we will call you back.
Links
Corporate Strategy Consultant - Management Insights specialise in helping successful small to medium size businesses define a forward thinking business strategy, with the right focus and direction to achieve optimal business growth
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