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.
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ASK A QUESTION

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

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