Tax saving tips!

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Employing your spouse in the business If you are self-employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary. Just follow sensible commercial rules and you will have no problem with the Inland Revenue. In particular pay a market rate for the type of work done and number of hours worked. Sole traders with higher rate tax liabilities will benefit significantly from this arrangement. What about the Garden Shed? Are you selling that second or third home and want to reduce any capital gains tax that you may need to pay? The garden shed and other fixtures and fittings are treated as wasting chattels for Capital Gains Tax, i.e. when you sell them there is no tax to pay. Why not ask your solicitor to allocate part of the selling price in the contract to these items? […]

Are you paying too much tax?

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The tax legislation contains many allowances and reliefs that can help you minimize your tax liabilities. This is so whether the tax arises on earnings, profits on trade or gains when you sell chargeable assets. We recommend that our clients pay ONLY as much tax as they are legally obliged to pay, and no more! The Inland Revenue (HMRC) staff are not able to advise you on how to organize your affairs to minimize the amount of tax you pay. THAT IS YOUR ACCOUNTANT’S JOB!!! If you are looking to make tax savings and do not want to make a detailed study of tax legislation, you should seek professional advice. Our fees for business clients are tax deductible! Whatever your tax planning needs are, we will endeavour to find a tax saving scheme to suit your circumstances. Contact us for more specific tax planning tips which may be available for […]