5 simple questions to see if your saving tax
Looking to save more tax?
More about TAXSAVE
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.
- 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.
- 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.