We can assist you with your tax planning requirements whether you have just started your company or have been in business for a long time.
If you want to save money on taxes but don’t want to try to comprehend intricate tax laws, we suggest consulting with a specialist. We provide tax planning analyses to all of our customers and strive to guarantee that they only pay the amount of tax that is legally required and nothing more!
Whatever your tax planning requirements are, we will do our best to locate a tax saving program that fits your demands, so do contact us, particularly if there are more specialized tax planning tips and tax guidance available for your company sector.
We’ve included a series of tax recommendations below that should address some of your tax issues and give basic advise on different tax saving options.
It is quite legal to give your spouse a wage if you are self-employed and your spouse assists you with general administration or any other duty.
However, there are a few regulations that must be observed, such as how much you must give your spouse and how long you must preserve proof that the payments were made over the year.
Sole traders with higher rate tax obligations will profit greatly from this arrangement if their spouse is a non-taxpayer or a lower rate taxpayer, and further tax savings may be realized by making pension contributions.
If the employee is not a director, a firm may be able to lend them up to £10,000 with no tax ramifications. This may be advantageous if, for example, the employee has to purchase a corporate automobile in order to avoid benefit in kind tax costs.
Stock should be valued at cost, but it may also be valued at ‘net realisable value’ if this amount is lower. This essentially indicates that the stock is valued at the price at which it might be sold on the open market. Lowering the value of closing stock reduces taxable earnings £ for £.
Recover VAT on invoices paid or received before to registering for VAT by include the input VAT on your first return. Make sure you have the VAT invoices and maintain a record of the changes you’ve made. However, there are time constraints and regulations for this recovery technique, so consult with your accountant!
Using Home as Office If you claim tax relief for using a room as an office, you may face a tax charge when you sell your home; however, we can advise you on steps you may take to reduce your Capital Gains Tax burden.
If you owe Capital Gains Tax (CGT), for example, because you sold a vacation house or rental property, you must file a tax return. You must notify and pay the CGT to HMRC within 30 days of completion beginning in April 2020.
Contact us at the Consulting WP office nearest to you or submit a business inquiry online.