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Save Tax!Some Simple Tips

The area of tax for businesses is not straightforward, in fact it can be a real minefield for the unwary. However, if you take a little time, and work with your accountant, it’s usually possible to find ways to save some tax.

In this today’s Webinar BizSmart Select member Simon Cook from SRC Accountancy Services Ltd will show us how.

There is a link at the end of this deck to the associated blog and webinar recording.

How to

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Tax Tips – from SRC Accountancy Services LtdBy Simon Cook

+Does your partner claim any miles at 45p per mile?Sometimes non working partners may go to suppliers to pick up items etc.

+Become a Limited company

Average tax saving £3,000 a year with no payments on account required on your personal tax anymore.

+Don’t miss key deadlinesthe 31st October deadline if you want to make a paper tax return. You can do your tax online up to 31 January. You don’t have to wait until January to know what your tax bill is.

+Tax-deductible expenses,don’t forget to claim all your tax-deductible expenses, including cash expenditure where eligible.

+Annual lossesIf you are self-employed, you can carry forward losses from one year and offset them against profits from the next.

+Reduce Payments on account If you are self-employed and expect to earn less in 2016-2017 than you did the year before, apply to reduce any payments on account that HMRC ask you to make.

+MTD

Is your business ready for ‘making tax digital’ MTD05/04/2018 Businesses under the VAT threshold.(unless T/O under 10K)05/04/2019 VAT Registered businesses01/04/2010 Limited Companies

+Transfer assetsTransfer savings and investments to your husband, wife or civil partner if they pay a lower rate of tax than you do.

+Books can be scrapped after 5 years(5 Years after the 31st of Jan that they were due)

+Pay in to a pension schemeContributions into a registered company scheme can reduce corporation tax while putting money in the owners pension schemes.

+Want to know the other 4 points?

Book a free consultation with me today and see how I can help your business.

Call: 01384 403500Or visit; www.srcaccountants.co.uk

+BizSmart aims to help business owners of small and medium sized businesses to create value and scale their businesses through sound practical business support by providing insight, Clarity combined with a real determination to help you succeed. 

You can access webinars and presentations like this and more besides through our SmartRoom service here

You can read the associated blog and listen to a live recording of this presentation by clicking here

You can read Simon’s profile here

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