pjw accounting - fsb talk august 2016
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‘Top 5 ways to Save Tax?’
ByPaul Woodcock BA (Hons); FCA
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Who am I?
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5 top saving ideas1. Use your family2. Get your VAT right3. Use of home as office4. Use of vehicle5. Entertaining
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1. Use your familya) The spouse
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How?
• Salary• Dividend
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b) The children
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Whats the rule?
• BIM47105 - where there is "'equal pay for equal value' the amount paid is fully allowable, notwithstanding any connection between payer and recipient”
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What about IHT?
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How does the family help?
• Spousal exemption• Main residence relief
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2. Getting your VAT right
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Main errors
• Not registering• Flat rate scheme• VAT on subsistence and travel• VAT on home office expenses• Thinking it’s too much administration
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3. Use of home as office
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3. Use of home as office
• Who can claim it?• How is it calculated?• What costs should be included• Claiming when you already have an office• VAT on home expenses• Setting up a licence agreement with a limited
company
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4. Use of vehicle
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4. Use of vehicle
• Self employed – 2 options• Limited company – 2 options• VAT on petrol claims – keep receipts
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5. Entertaining
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5. Entertaining
• What is entertaining and is it allowable?• Let’s turn entertaining into something else?• Subsistence! • Advertising!• Cost is tax deductible and VAT allowable.
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‘Thank you for listening’
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