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SpinDistribute.com Article Directory

The following article was published in our article directory on June 13, 2011.
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How to keep your tax bill down - Practical business tax advice

Article Category: Advice

Author Name: Ryan Shaw

It is a fact that tax is going up. So how can you buck the trend? What follows is a summary of the main things you as a businessperson can do to keep the tax dogs at bay (legally):

- Operate as a limited company rather than as a sole trader or a partnership. As long as you are not affected by IR35 (just type it into Google if you don't know what this is) the only reasons why you might not want a limited company are:
• You might only trade for a few months;
• You expect to make a loss in your first year;
• You much prefer to keep things as simple as possible;
• You have an expensive car and you do a lot of business mileage;
• You don't like paying Accountants.

- The reasons you would want to use a limited company are:
• You only pay 20% tax on profits up to £300,000 as long as the profits are not withdrawn;
• Limited liability provides a good measure of protection from creditors;
• You can reduce your National Insurance bill down to zero;
• You can control to the penny the amount of taxable income you personally have by altering the amount and timing of dividend payments;
• It is easier to allocate income to a non-working spouse or partner by altering the share ownership;
• You might be able to strike the company off after a few years and only pay 10% tax on profits not yet withdrawn;
• You are eligible for R&D Tax Credits;
• You want outside investment from business angels;

- Pension payments can be tax deductible up to £50,000p.a. saving tax at your marginal rate;
- Business equipment gets a 100% first year allowance up to £100,000 (£25,000 after March 2012);
- Cars emitting less than 110g/km attract a 100% first year allowance and, if under 100g/km, are exempt from the London congestion charge. Some look like Noddy cars but others look almost respectable.
- You can claim £3pw to cover household costs;
- If you register for VAT it is possible to make a profit by using the Flat Rate Scheme. The scheme is designed to be simple rather than profitable for the user but the effect can be quite beneficial.
- Controlling personal income can optimise Working Tax Credits;
- Wages paid to family members can be tax deductible as long as they are paid no more than the market rate for what they do;
- Sometimes a change in Accounting Policies (which are the recognised ways of treating income and expenditure) can produce savings if you are not using the optimal policy for any particular item;
- If you buy another business, buying the assets of the business rather than the shares owned by the vendor will usually be more tax-efficient (but less so for the vendor);
- Make sure mobile and broadband contracts are in the company name to enable full cost recovery to be made.

As a generalisation, if you are a couple and have profits of up to £102,650 you can get your tax bill down to an effective rate of 17.25% or £17,700 just by a careful use of salary and dividends and not even taking advantage of the other items listed above. Every little helps as they say.

Keywords: Accountant, accountant cambridge, accountants, tax advice, paye advice, Business tax

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