If the intricacies of tax laws feel overwhelming and you’re seeking avenues for tax savings, enlisting the expertise of a professional is advisable. Our services encompass comprehensive tax planning reviews, ensuring that your tax payments adhere to legal obligations while minimizing surplus payments.
Whatever your unique tax planning needs entail, we’re committed to identifying tailored tax-saving strategies that align with your situation. Don’t hesitate to reach out to us; specialized tax planning tips and advice are readily available for various business sectors.
Outlined below are several tax tips offering general insights into diverse tax-saving approaches and addressing common tax-related inquiries.
For self-employed individuals whose spouses contribute to administrative tasks or other responsibilities, compensating them with a salary is entirely legitimate. Adhering to certain guidelines, such as determining a reasonable spousal salary and maintaining records of payments made throughout the year, is crucial.
Sole traders subject to higher-rate tax liabilities can particularly benefit from this arrangement, especially if their spouse falls within the non-taxpayer or lower tax bracket. Additionally, exploring pension contributions could lead to further tax efficiencies.
Companies can potentially lend employees up to £10,000 without incurring tax implications, provided the employees aren’t directors. This arrangement proves useful when, for instance, an employee needs to purchase their company car to avoid benefit-in-kind tax charges.
While stock valuation is typically based on cost, there’s an option to value it at ‘net realizable value’ if this amount is lower. Essentially, this approach entails valuing stock based on its potential sale value in an open market setting. Lowering the value of closing stock directly reduces taxable profits.
Recover VAT on invoices paid or received prior to registering for VAT by including input VAT on your initial return. Safeguard the relevant VAT invoices and maintain a record of adjustments made. Keep in mind that specific time limits and regulations apply to this recovery process, so it’s advisable to consult your accountant.
Claiming tax relief for designating a room as a home office might result in a Capital Gains Tax liability upon selling your residence. However, we can offer guidance on mitigating this liability through strategic measures.
If you’re liable for Capital Gains Tax (CGT) due to the sale of properties like vacation homes or rentals, filing a tax return is essential. Starting April 2020, reporting and remitting CGT to HMRC within 30 days of completion became mandatory. TaxAssist Accountants provides insights into potential tax planning opportunities to minimize your obligations. Moreover, we can manage your tax return and the 30-day report on your behalf.