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19th July 2010 Ten Top Tax Tips. Here are some simple ways of saving money off your tax bill. 1)Keep up to date with the record keeping. If you bring your records up to date once a year, you are more likely to forget receipts and items of expenditure that could be tax deductible. 2)Get VAT registered if the majority of your customers are VAT registered businesses, even if you are below the registration threshold. 3)If you are VAT registered, see if it would pay to switch to the flat rate scheme (if you qualify). Visit www.hmrc.gov.uk to find your business's percentage rate, then go back to your last four VAT returns. Multiply the outputs figures (including VAT) by your percentage for each quarter. If the result is lower then the VAT you paid over each quarter, then you will have your answer. 4)If you are not trading as a limited company, it might be worthwhile becoming limited. Usually the saving to be made is on the national insurance. 5)If you are a small owner managed business preparing annual P11Ds, have a look at the benefits that you are being taxed on. Chances are, it might pay to take these items out of the company and pay for them personally. 6)Claim the VAT back on the 40p mileage expenses. You cannot reclaim VAT back on the full amount, but it is still a worthwhile claim. More details can be found at www.hmrc.gov.uk/cars/advisory_fuel_current.htm 7)If you have employees, consider whether a salary sacrifice scheme might be both tax saving and motivational. For example, if they are considering buying a new economical car on a HP or other finance plan, it might save them money and you national insurance by getting the company to pay for the car in return for them reducing their salary. 8)Don't leave it right up to the filing deadline to give your books to your accountant. Apart from the fact that you are less likely to investigate their queries, it also leaves your Accountant with less time to fully identify tax saving opportunities. 9)If you do a lot of business travel, consider switching to the flat rate expenses route. It might work out to be more tax efficient. 10)Book a free Tax Health Check with CCF. All you need is your last set of accounts and tax computations, and a copy of your records. We can then evaluate if there are any areas where you could be saving more money off your tax bill. To book, simply email teresa@ccfaccountancy.co.uk |
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Are you a buy to let property owner? Budget summary for small businesses Don't fall for the 'No Tax Return Needed' Letter! |
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