Henton & Co LLP - Accountancy

▌ Henton & Co Tax Blog

Paying for school fees
If your company is likely to generate enough profits, get the grandparent to subscribe for shares in your company, which they then gift into a trust. The dividends paid on these shares can be used to fund the school fees.
Posted by Simon Gray on 25/04/2008 13:50:13

Benefits In Kind
Provide medical check-ups for key employees, e.g. directors only. For 2008/09 these are a tax & NI free benefit in kind.
Posted by Simon Gray on 24/04/2008 18:23:22

How to keep your tax rate down to 10%
Restrict your total salary and benefits to £5,435 in 2008/09 so the rest of your savings and dividend income is taxed at only 10%. You can even recover the tax you've paid at source on your bank interest.
Posted by Simon Gray on 14/04/2008 17:17:20

Business Records for sole traders
There are a number of good reasons why setting up a separate business bank account is a good idea. Not least of which are that it will save you accountancy fees now and hassle with the taxman in the long-term.
Posted by Simon Gray on 04/04/2008 11:54:19

Interest on Company Money
With the increase in CT rates and decrease in income tax rates from 5th April, 2008 there is in effect a 1% 'penalty' (rising to 2% in 2009/10)where surplus funds are held by the company rather than in your own name. To save this 1% tax, extract as much cash as possible from your company and invest it in your own name. The most straightforward and tax efficient way to do this is via a dividend.
Posted by Simon Gray on 03/04/2008 18:08:21