Don't leave the tax man a tip
We specialise in ensuring that your Owner Managed Business is paying the correct (i.e. the least) amount of tax each year. The following common areas of tax advice are covered and many more:
Corporation tax: Should I incorporate; Salary vs dividends; Company car vs mileage allowance; What expenses can I legitimately deduct from profits; How to efficiently extract profits from the Company; Property – in or out of the Company, and Use of flexible dividends
Income tax: Should I incorporate; What year end date should you use; What are the tax advantages of paying into a pension, SIPP, EIS or VCT; How to utilise tax losses; How to use your other family members tax efficiently, and How to use flexible dividends.
National insurance (NI): Making full use of the government’s Employment Allowance; What is the most tax efficient level of salary for NI purposes, and How can benefits in kind be used to reduce the amount you pay.
VAT: Should you registering for VAT even when you’re below the threshold; Should you be using the Flat Rate Scheme to save tax, and How to maximise your input VAT, particularly with respect to motor expenses
Capital gains tax (CGT): How to make full use of your tax-free band for CGT; Planning to maximise your Principal Private Residence Relief & Letting Relief on property; Using holdover relief, and Maximising Entrepreneurs Relief on the sale of your business
Inheritance tax: Using a will to maximise your nil rate band; Ensuring you utilise your business property relief; How to make the best use of your Annual Reliefs; How to invest your capital to reduce taper relief period from 7 years to 2 years; Making full use of your payments out of income, and Using trusts to avoid the cost of care home fees