If you are looking to make tax savings but do not want to attempt to interpret detailed tax legislation, we would recommend seeking the advice of a professional. We offer all clients tax planning reviews and try to ensure they only pay as much tax as they are legally obliged to and no more!
Whatever your tax planning needs are, we will endeavour to find a tax saving scheme to suit your circumstances so make sure you contact us, especially as there may be more specific tax planning tips and tax advice available for your business sector.
We have included a series of tax tips below which provide general guidance on various tax saving strategies and should answer some of your tax questions.
Employing your spouse in the business
If you are self-employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary.
However, there are a few rules that need to be followed, such as how much to pay your spouse and to keep evidence that the payments were made during the year.
Sole traders with higher rate tax liabilities will benefit significantly from this arrangement if their spouse is a non taxpayer or lower rate taxpayer, and further tax savings could be made by making pension contributions.
Low interest loans provided by employers
It may be possible for a company to lend an employee up to £10,000 with no tax implications for them, provided they are not a director. This can be useful if say the employee needs to buy his company car to avoid benefit in kind tax charges.
Stock should be valued at cost but can be valued at ‘net realisable value’ if this is a lower figure. Essentially this means valued at what you could sell the stock in an open market sale. Lowering the value of closing stock will £ for £ reduce taxable profits.
Recover VAT on some invoices that you have paid or received before you registered for VAT by including the input VAT on your first return. Make sure you have the VAT invoices and keep a schedule of the adjustments you have made. Be careful though, there are time limits and rules for this recovery measure so be sure to speak with your accountant!
Capital Gains Tax - Using Home as Office
If you claim tax relief for the use of a room as an office there can be a tax charge when you later sell your home, however we can advise you of measures that can be taken to help to minimise a Capital Gains Tax liability.
Capital Gains Tax - Selling Property
If you have Capital Gains Tax (CGT) to pay, for example because you've sold a holiday home or rental property, you will need to complete a tax return. From April 2020, you must report and pay the CGT to HMRC within 30 days of completion. TaxAssist Accountants can advise you on any tax planning opportunities available, in order to minimise your liability. We can also complete your tax return and 30 day report for you.
Our webinar recordings delve into the tax planning considerations for companies, sole traders, partnerships and personal taxpayers:
Tax Planning for Companies
Tax Planning for Sole Traders and Partnerships
Tax Planning for Individual Taxpayers
We are happy to discuss your individual requirements and undertake an assessment thus enabling you to decide on the best way forward for your business. We will look for beneficial tax arrangements available to you and help you to make informed choices for your business.
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