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1, Putney bridge approach
Fulham, London, SW6 3JD
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If you have build up the value of the company over the years, the shares you own in it are now worth a significant amount. Is there any possibility to use this capital to obtain some extra tax relief?
Continue reading “Rearrange your Borrowing to Qualify for Tax Relief” »
Mar 13
22
New VAT Campaign Launched
HMRC is taking steps to crack down on those who are late with VAT returns or payments. If you’re struggling with a return or to pay your VAT, what steps should you take in order to avoid any unnecessary trouble from HMRC?
Mar 13
20
Legitimate Income Shifting
Losing your job is a financial disaster for anyone. If it has happened to you or your spouse, how can you use the tax system to soften the blow? If your partner loses their job, they may also lose the benefit of their tax-free personal allowance, which currently stands at £8,105. But there are ways to compensate for this loss of tax relief.
Good bookkeeping makes your paperwork comprehensive and will make it easier for your accountants to do VAT and tax returns. Bookkeeping records gives you an idea as to exactly what is going on in the business. Whether you use a manual or computer based system for bookkeeping the same principles apply. A traditional paper-based system will rarely be suitable for many start-up businesses as the accounting function will soon start to consume valuable time. If you start with computerised accounts, there will be no need to go through the time-consuming process of transferring your paperwork onto a computer package. When thinking about the bookkeeping process of your business, you need to focus your attention on the following 03 areas.
Continue reading “Good Bookkeeping will Make Your Accounts Preparation Easier” »
Mar 13
8
Delaying Capital Gains Tax
If you have already used the 2012/13 annual exemption for capital gains tax but thinking of selling some more assets of yours, what are the options available to you?
If you need to sell an asset to boost your cash flow, you may not like to share the proceeds with HMRC. Here’s a simple but effective way to delay paying Capital Gains Tax for up to 21 months. If you put back the sale of assets until after April 5 2013, it will fall in the tax year 2013/14. As a result, any tax due won’t be payable until January 31 2015.
There are situations where planning a tax and NI is an efficient way and becomes important to draw income from your pension. However, you need to think long term before doing this. If your business can justify the fact that paying a low salary to your spouse, is it worthwhile doing this, given the extra paperwork and potential hassle from the HMRC? Before giving up on the idea consider the following benefits as well.