The final months of a tax year can provide some great opportunities for maximising your company’s tax efficiency. As we’re speeding towards the end of this tax year, we thought we’d share our five top actions to help you make the most of the current tax year and prepare you for the next.
Following the Autumn Statement, the Government have issued their draft legislation detailing the proposed changes to the VAT Flat Rate Scheme (FRS). They’ll come into effect on 1 April 2017 but may impact invoices issued and goods purchased from now onwards. Here you’ll find our initial review of the legislation and the changes it brings for independent professionals.
Planning for holidays If you’ve been working hard during the year, then it’s time to enjoy a well deserved break with your loved ones. To help you prepare your wallet for the festive season, we’ve written a short guide to planning and budgeting for your scheduled absence. Splash out on a festive treat To sweeten […]
The highlights First, let’s focus on the positive take outs for contractors: Corporation tax reduction Corporation tax (the tax on your company’s profits) will fall from 20% to 18% by 2020. Increased personal allowance The personal tax-free allowance will increase from £10,800 to £11,000 in April, ultimately rising to £12,500 by 2020. Increased higher rate […]
Requirements The company must be invoiced directly by a nursery or childminder and the payment will be free of tax and NICs for you as an employee as long as the following criteria are met. The exemption does not apply if the company reimburses the cost or settles the bill on your behalf. The payment […]
Our next book in our limited company series is here to show you how to maximise the tax efficiencies your company has to offer. You’ll learn expert hints and tips on paying the right amount of tax and keeping more of your hard earned cash in your pocket. We’ll run through everything from good expense management techniques […]
Supporting worthy causes is worthwhile and it’s also one of the most tax-efficient ways to give to your favourite charity if you are a contractor or consultant that owns a limited company. Supporting charities through your limited company means that you can donate and sponsor causes close to your heart and reduce your corporate tax […]
Benefits of employing a spouse Employing a spouse or a family member to ensure the admin or core business services are taken care of frees you up to maximise the company income. Paying them a salary can maximise household tax efficiencies by utilising their income thresholds for tax liabilities. Things to consider What salary will […]
Find out how to choose a tax-efficient salary and achieve maximum efficiency for your contracting or consulting business. You’ll also discover the facts about how different salary levels will affect your tax and National Insurance contributions. Check the inniAccounts 2016/17 tax-efficient contractor salary guide and watch our brand new salary video. If you’ve already chosen your preferred salary, you may also […]
The great accounting spring clean As a seasoned contractor you’re probably well-practiced in the usual tax efficiencies around salary and dividend splits and company expenses but here’s a quick round up of the top 4 more unusual tips for saving tax. 1. Tax breaks for green cars If you have a company car, the tax and […]