Reduce your tax bill
Here are just a few ways in which you may be able to reduce your tax bill.
- Ensure you are trading through the most tax efficient trading vehicle
- Talk to us about safe tax mitigation schemes and efficient profit extraction.
- Claiming ‘use of home’ as a business expense
- Allowing for out of pocket expenses
- Claiming research and development allowances if applicable
- Making use of capital allowances for equipment that you purchase for your business. speak to us to ensure the correct timing to make the most of capital allowances.
- Using first year losses to offset against previous employment income
- Reduce your corporation tax liability by reducing the business profits or offsetting previous losses against your current tax bill.
- Investing in personal pension plans to save tax
- Check you are claiming all the allowances that are applicable to your particular circumstances.
- Making use of your spouse’s personal allowance
- Use of company assets without incurring benefits in kind tax
- Tax efficient investments such as enterprise investment schemes
- Tax planning for higher rate taxes
- Avoiding capital gains tax when selling a second property
- Check your tax code.
- Open cash ISA as you don’t have to list this money as an asset on your tax return and you don’t pay tax on the interest that your ISA gains over the year.
- Making donations to charity.
When preparing your accounts and tax return we will always be aiming to ensure that you pay no more tax than is legally necessary.