Tax Saving
Everyone likes to know they are getting the best deal. Whether it is the best interest rate on your mortgage, the best finance deal on your car, the best interest rate on your savings, it applies to everything. You can compare these financial products quite easily and see if you are paying too much.
How do you know if you are paying too much tax? How do you know if you are generating maximum profit in your business? Professional advice is required, someone to study and analyse your business affairs.
We are offering you a free review of your business and tax affairs. We will go through your last set of submitted accounts and tax return, alongside your bookkeeping records and paperwork.
After a detailed review we will point out:
- where tax has been overpaid and by how much
- where tax can be minimised going forward and the saving that will be made
- costs that can be reduced
- additional ways to increase sales
If no tax savings can be made, we will say so and you can be happy with the knowledge you are not paying too much tax. Contact us for a free review, there is nothing to lose but potentially a lot to gain.
SAVE: Listed below are some common scenarios where we can save you money on your tax bill:
If you are a Soletrader or in a Partnership and earning £40,000, we can save you at least £2,800 each in tax. If you are earning £25,000 we can save you at least £1,500 in tax. We do this by changing the method in which you report your earnings to HMRC. We take care of all the paperwork so there is no additional work for you.
If you trade through a Limited Company and pay yourself a salary of £40,000, we can save you £7,500 in tax. If it is a salary of £25,000 we can save you £4,000 in tax. We can do this by changing the way you extract money from your Company.
If you are a higher rate tax payer we will look at how your business is set up and if necessary, advise you on restructuring your business to reduce tax.
If you use a motor vehicle for business use you need to know the most tax efficient way of claiming for that motor expense. Did you know that if you purchase a commercial vehicle such as a pickup or van, that you can deduct the full cost from your income in that tax year. If you are VAT registered you can claim the VAT back on the commercial vehicle. If you claim mileage allowance, did you know in some circumstances you can still claim £0.45 per mile after exceeding 10,000 business miles per year?
If your customers are all registered for VAT and your business is not, you can voluntarily register for VAT and claim VAT back on all your business expenses. Your customers will not incur any additional cost as they will be able to claim the VAT back on your sales invoice.
If you are expanding by purchasing another business you will need to think of the tax implications. In some cases it is best to purchase the assets from the business including goodwill rather than buying ‘the business’. This way you will be able to claim allowances against your income straight away and have a business set up that is tax efficient for your situation.