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? 

 

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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)

 

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How To Make Profits And Pay No Tax - Case Study #2

Or why it is sometimes difficult to understand a company's tax bill.....

Take a company which has made a £100k profit BUT £85k of this is from selling an asset, such as a specialist equipment.

 

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Motivating Staff Tax Efficiently

How can I motivate my staff in a tax efficient way?

 

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