Lots of taxpayers are unwittingly paying too much tax, we are here to ensure that you are not one of them. Here are a few areas in which you might be paying too much tax:
Income tax
Are you making full use of your personal tax allowances and thresholds? Are you able to utilise your husband or wife’s allowances?
Corporation tax
Are you getting the right advice on what you can claim and how you can minimise the amount of tax you pay?
VAT
Significant savings could be made by using the flat rate scheme for VAT – are you eligible? Are you putting your self at a distinct cashflow disadvantage by paying VAT on unpaid debts – are you eligible for cash accounting? There are several different VAT schemes that may apply to your unique business that can give you a step up rather than be a financial drain.
PAYE / Employer National Insurance Contributions
Are you claiming all the necessary reliefs available to you?
Capital gains tax
Do you have to pay Capital gains Tax on the sale of your assets? If so, are you eligible for certain exemptions? We’ll investigate it for you and let you know what you can save.
R&D Tax Credits
Research & Development (R&D) tax relief is available to UK limited companies and encourages investment in innovation. R&D tax credits can reduce a company’s tax bill or, if a company is not in profit, provide payable cash.
The way that you structure your business affairs can have a massive impact on the amount of taxes payable so tax planning is important to do as soon as possible. One of the most common dilemma’s is whether you should incorporate or not and whether you should pay yourself a salary or dividends. Get in contact and we can help to ensure that you extract as much profit as possible out of your business and that you pay the minimum amount of tax required.
Please contact us about any of the above-mentioned taxes and we can undertake the necessary tax work on your behalf.