Tax Tips
TAX TIP OF THE WEEK – Looking to retire?
Looking to wind down your business with a view to retirement? What’s the most tax-efficient way to do this? The general advice would be to
TAX TIP OF THE WEEK – Are you operating as a sole trader?
Are you operating as a sole trader? Find out how you could get extra tax savings when incorporating your business. Most likely your sole trader
TAX TIP OF THE WEEK – Investors Relief
Want to invest some spare cash without taking huge risks and avoiding being hit with a big tax bill on the returns. Perhaps ‘Investors Relief’
TAX TIP OF THE WEEK – Your company has accumulated significant profits and you looking for a tax-efficient way to use them.
One possible way would be to consider purchasing a share of the freehold in the trading property. This would be a more tax-efficient method to
TAX TIP OF THE WEEK – Your daughter wants you to pay for her driving lessons. Would getting your company to pay the £1000 cost be more tax efficient than paying for it personally?
As a director of your own company you are free to put any personal expenses through the company, however, it will come at a cost
TAX TIP OF THE WEEK – With the cost of living going up your employees may soon be hankering for a pay rise even if you think their performance doesn’t deserve one. A ‘Staff Suggestion Scheme’ could be the answer.
Once this is implemented, it will incentivise your team to develop ideas to improve your business, and any reward payments you make a FREE of
TAX TIP OF THE WEEK – If you own a buy-to-let commercial property which has gone up in value meaning you will be facing a high CGT bill. Then you could take advantage of a loophole that may allow you to cut this drastically
Ordinarily, any gains made on the sale of the property would give rise to CGT. However where a property sale is included in the sale
TAX TIP OF THE WEEK – Are you making the most of tax-free mileage allowances?
As you may be aware rates for using your own car for business purposes are 45p a mile for up to 10,000 miles & 25p
TAX TIP OF THE WEEK – You may know that petrol/diesel company cars tend to work out quite expensive from a tax point of view. But what’s the position for Motorbikes/Scooters?
Motorbikes are classed as plant and machinery, not cars, which means: Benefit in Kind taxes are based on a lower rate than of a car