On The Spot Blogs

On Non-Budget Day, 5 Tax Planning Tips You Can Rely On.

It was going to be Boris' first Budget today with, we hoped, a few sweeteners or at least the promise of a few. As we'll only know on Friday 13th December what party or coalition will deliver the next Budget, what can you still rely on when trying to be tax efficient? As I see it, these are the enduring themes:

  • Innovation is a good thing  
  • Green incentives will continue
  • Pension saving will still be encouraged (until your pension is 'big').
  • Timing is (nearly) everything

How do these themes translate into the tax system for you? 

 

Continue reading
  0 Comments

After lots of Tricks, it's time for some Treats! Take over £100k from your Limited company tax free.

Here are some tax free treats you could take from your company, with the maximum tax free amounts for a two person shareholder-director company shown in brackets. 

  • Salary (£25k pa)
  • Trivial Benefits (£600 pa)
  • Annual Parties (£600 pa)
  • Cycle To Work Scheme (Credit License Limit: £2k)
  • Private Health Checks (Annual - £No Limit)
  • Eye Tests (Annual - £No Limit)
  • Tax Free Dividends (£4k)
  • Pensions (Possibly £80k pa – With IFA Advice)
  • Relevant Life Policies (£Not Excessive)

 

Continue reading
  0 Comments

Jargon Busting - Are you a PSC of your PSC?


In the great tradition of government-speak, HMRC and companies house have come up with the same acronym for different things, both of which can apply to the same small business.

PSC – According to HMRC

This means Personal Service Company. What is this?

This is usually a one-person company providing professional services to clients. Think IT contractor invoicing a bank for working on an IT project. Or marketing expert taken on to advise on expansion into a new area.

 

Continue reading
  0 Comments

Don't Be Dwarfed By The Tax System - Seven Ways To Make Tax Less Taxing


 

Dear Sajid Javid

Following your ambition to simplify the tax system and as we approach your 1st Budget, may I pass on a few things that will make a difference to business’ actual experience of the tax system.

 

Continue reading
  0 Comments