taxsave

Continually updating our tax knowledge to help you save tax every year

  • What do we do? +

    We spend whatever time it takes with you making sure the solution fits.

    • Unlimited advice through meetings or phone calls to discuss ideas.
    • Actively engage with our clients, this interaction is the catalyst that generates our advice to help you save tax.
    • Fixed monthly fee.
  • How do we do it? +

    • Unique pre year end meetings for every client allowing time to structure tax save methods before its too late.
    • Communicate new reliefs and allowances relevant to each client.
    • Identify key areas to explore from client interactions.
    • Considering each client as an individual.
    • Continued professional development.
    • Regular newsletters and updates written inhouse by our expert team.
  • Typical areas where we save tax: +

    Corporate & Income Taxes

    • Use of director loan accounts.
    • 10% tax rate- Entrepreneurs Relief - complex but effective means of substantial tax savings.
    • Government/Employment allowances.
    • Annual Investment Allowance claims for capital expenditure.
    • Enhanced Capital Allowances - on buildings you own.
    • Research and Development – Obtaining additional tax relief for expenditure incurred on Research and Development.
    • Taking advantage of the Personal Savings Allowance from interest received through personal or corporate investments.
    • Discuss use of pension contributions to maximise personal wealth from the business.

    VAT

    • Registration and deregistration - Including HMRC flat rate and other schemes for small businesses.
    • Detailed calculations showing effects of rule changes on your business (e.g. the recent Flat rate scheme changes for Limited Cost Traders).
    • Specialist advice on building claims e.g. Option to Tax, Transfer of a going concern etc.
    • Other areas of VAT including import/export.               

    Minimising dividend tax

    • Plan with you for dividends to be voted in tax years that may incur lower tax rates. A very topical issue given the new rates of dividend tax the government has imposed.
    • Use of family members and the most appropriate class of share in the distribution of income to key management/owners.
    • Restricting dividends if income is not needed to avoid any unnecessary income tax on the individual.

    National Insurance

    • Use of spouse and children's allowances for salaries paid for work done. A strategy that is often overlooked.
    • Payment of dividends instead of salary to achieve tax efficient remuneration.
    • Setting the most tax efficient salary levels for directors taking into account the ever changing state pension rules.

    Capital Gains Tax 

    • Use of Entrepreneurs Relief if relevant. This can secure a 10% rate of tax for you.
    • Making use of the annual exemption for each family member surrounding the disposal of a chargeable asset together with other reliefs available on chargeable property sales and other disposals e.g lettings relief and holdover relief.
    • Planning with you to ensure any gains are crystallised in the most tax efficient vehicle and tax period. Avoiding double taxation wherever possible.

    4 Stage Exit Strategy

    • Identify an outline of your plan, timing and income requirements.
    • Encourage you to delegate, so you are not indispensable at the time of your exit.
    • Measure personal wealth each year to ensure you are on course for a successful exit. Review annually if you are tax efficiently saving enough personal wealth and accumulating assets that meets the plan.
    • Identify within 3 years the approximate timing of your exit to ensure that you're ready. Consider the options; MBO, MBI, Sale, introduction and eventual passing onto family members or other means (Or a mixture of these that enable you to meet your objectives). It is important to assess the most valuable method of exit, including the tax effect.

    Claim for the little things - they add up.

    • Appropriate mileage claims for business travel.
    • Use of home as office.
    • Ensuring the maximum permitted Travel & Subsistence allowance is claimed.
    • Mobile telephones for directors/employees of the business.
    • Most of which need no receipts to support these claims as they can be allowed by HMRC by dispensation.
  • 1

TAXSAVE CLINIC - COMMERCIAL PROPERTY TAX

Our TAXSAVE Clinic is your opportunity to meet our team of specialists and discuss all areas of tax saving opportunities. 

We have two TAXSAVE clinics scheduled for April 2018, one in Wirral and another in Wrexham. Details are as follows:

WIRRAL


Date: Thursday 26th April 2018
Venue: Village Hotel
Pool Lane
Bromborough
Wirral CH62 4UE
Subject: Commercial Property Tax
Time: 9:30am - 11:30am

WREXHAM


Date: Thursday 17th May 2018
Venue: Ramada Hotel
Ellice Way
Wrexham
LL13 7YH
Subject: Commercial Property Tax
Time: 9:30am - 11:30am
 

If you would like to attend either the Wirral or Wrexham Clinic please email: markhughes@lbwaccountants.co.uk stating which Clinic and how many people will be attending. Alternatively, please RSVP below.

 

 

ASK A QUESTION

If you would like to ask us a question, or request more information about this service, please contact us below:

LBW Newsletter