Simon Gray | 16-10-2008
E-filing for registered pension schemes has from today (October 16th) been made mandatory by HMRC. If you have your own Small Self Administered Scheme (SSAS), Self Invested Personal Pension (SIPP), or perhaps an insured arrangement, do you know who th...
Simon Gray | 25-04-2008
Provide medical check-ups for key employees, e.g. directors only. For 2008/09 these are a tax & NI free benefit in kind
...Simon Gray | 25-04-2008
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.
...Simon Gray | 15-04-2008
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.
...Simon Gray | 4-04-2008
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.
...Simon Gray | 3-04-2008
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 mu...
Simon Gray | 2-04-2008
Your company can still offset the upward move in CT rates by buying low emission cars. You can have another £1,400 in income from your company before paying higher rate tax, as the basic rate threshold increases from £34,600 to £36,000.
...Simon Gray | 20-03-2008
If you received an NI repayment between 1993 and 2005 you may be entitled to some well overdue interest.
...Simon Gray | 18-03-2008
Transfer an asset into your pension scheme to get a tax rebate for you and your fund. Depending on movement in market prices, you could even buy it back later and then transfer it in again when the price is right.
...Simon Gray | 17-03-2008
The tax rebate into your pension fund is reducing if you are a basic-rate taxpayer. To counteract this reduction, increase your contribution by 2.6% from April 6, 2008.
...Simon Gray | 17-03-2008
Sell your minority investment holding before April 6 and then buy it (or similar)back. This will bank your taper relief tax saving before it disappears.
...Simon Gray | 16-03-2008
A property letting business is specifically excluded from the new CGT entrepreneurs' relief. However, you are still better off than before with the new flat rate of 18% for disposals after April 6, 2008
...Simon Gray | 15-03-2008
When dealing with a new supplier check that their VAT number is genuine by calling the VAT helpline on 0845 010 9000. They will tell you if the VAT number and address details you read out match their dastabase. You can't reclaim VAT on purchases if th...
Simon Gray | 13-03-2008
Deregistration is at, or below £62,000 and for registration, the figure is £64,000. These are totals for your latest 12 month period. If you are marginally over, check to see that you haven't missed any credit notes.
...Simon Gray | 18-02-2008
Check the date you actually received notice to file the tax return, and how much tax was outstanding on 31st January, 2008. These are both good reasons for appealing against a late filing penalty.
...Simon Gray | 17-02-2008
Make small gifts of up to £3,000 out of your estate. If you are writing a cheque, this needs to be cashed by April 5, 2008 to fully utilise your 2007/08 exemptions from inheritance tax. Establish a regular gift pattern if you can.
...Simon Gray | 14-02-2008
Don't wind up a TESSA only ISA, let it be automatically transferred to a new cash ISA. Starting in 2008/09, withdraw amounts from your stocks and shares ISAs to fund new cash ISAs each tax year. There's no tax and the interest rates are far better.
Simon Gray | 11-02-2008
If the tax you would pay on free fuel from the company is less than teh cost of the fuel used for your private journeys, take the free fuel. But you need to recalculate this break-even point for the new tax cost from April 6, 2008.
...Simon Gray | 10-02-2008
If you are charged interest by HMRC, always ask for a breakdown of the calculation. It has been known for their computer system to use the wrong rates. But only complain if the error is against you!
...Simon Gray | 4-02-2008
Before April 6, 2008 transfer the asset to your spouse on a so-called no gain / no loss basis. When they sell the asset at a later date the indexation allowance you have accumulated is then available to reduce their tax bill
...Simon Gray | 1-02-2008
You have a holiday home that you wish to keep in the family rather than sell. However it will take 7 years before this gift is ignored for inheritance tax purposes. There is a way around this.....reduce the 7 year wait to 2 years by renting the proper...
Simon Gray | 12-12-2007
The taxman has been sending out incorrect penalty notices regarding P11D submissions. If you think any penalty notice you've been sent is incorrect, put in an appeal in writing within 30 days specifically to teh office stated on the penalty notice. Do...
Simon Gray | 11-12-2007
Make a pension contribution in 2007/8 sufficient to reduce your tax credits income to below £50,000 or if possible below £26,368. This will maximise your tax relief and credits for 2 years.
...Simon Gray | 10-12-2007
If the Xmas credit card bill needs paying in January, you might decide not to pay your tax on time. Don't panic! The taxman's interest rate is just 0.52% per month. But do pay your 2006/07 liability by February 29, 2008 to avoid a 5% penalty.
...Simon Gray | 7-12-2007
From 6th April 2008, medical check ups will only be free of PAYE and be deductible for the company if offered to ALL employees.For 2007/08 one employer-paid health screening and a medical check-up are still tax-free. So get this done before April 6, 2...
Simon Gray | 6-12-2007
Use a share buy back to extract profits from your company. Fund this with an issue of redeemable preference shares to a new shareholder. They can be your son or daughter, provided they are over 18.
...Simon Gray | 17-11-2007
Lend money from the company with low profits to the one with higher profits. Some of the profit can therefore be shifted by charging interest on that loan.
...Simon Gray | 12-11-2007
Next year the increase in Upper Earnings Limit (UEL) for NI from £34,840 to £40,040 means you pay 11% not 1% on an extra £5,200 of earnings! This works out at extra NIC of £520 a year. However, if your income at this level is taken by way of dividends...
Simon Gray | 9-11-2007
If your capital spend is less than £100k and all of it qualifies for first year allowances, then consider spending before March 31, 2008 in order to obtain a cash flow advantage
...Simon Gray | 9-11-2007
Dont forget the spouse / partner when it comes to company pension contributions; it's a tax free way of getting money out of the company. A package of £10,400 (50:50 salary / pension split) is easily justifiable
...
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