Tax Tips
TaxAssist Accountants have a number of great tax tips for you and your small business.
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 use of the Capital Gains Tax annual exemption in their own name. This is currently set at £10,100 for the tax year to 5th April 2010.
Property and Loans
Tax Refunds from Holiday Homes! If you buy a property to let as a holiday home the tax man provides you with favourable tax treatments, similar to that of a trade. If the rents you collect do not exceed the outgoings, such as bank interest and repairs you pay, you can set the loss against your other income and receive tax relief.
Losses
Trading Losses! If you operate an un-incorporated business (partnership or soletrader) and you incur a loss in a period of trading, you can claim tax relief for this loss against other income in the year, or preceding tax years. 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 receive upto 40p per mile for the first 10,000 business miles in a tax year, 25p per mile over 10,000 miles tax free per year.
Tax Allowable Payments
Claim up to a possible 100% tax allowance if your business invests in any plant or other equipment during the current tax year. The 100% is currently valid on the first £50,000 spent on plant and machinery.
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, there is a £100 fine if you do not file your tax return online before the 31 January deadline. Paper returns must be filed before the 31st October to avoid a fine.
Business Tax Planning
Incorporation Savings: If you are currently running a small un-incorporated business and paying income tax at the 40% higher rate, there is a substantial tax saving available on incorporation. Corporation tax is currently set at 21% on first £300,000 of profits for companies, and a correctly structured remuneration policy to withdraw this will reduce your exposure to tax!
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.
"How can you help my business?"
Call us today 0800 0523 555 or fill out our contact form and we will call you back to discuss this further.
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
B2B Index - UK Business to Business Directory –
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