The team at Haines Watts Swindon are offering a free downloadable tax tips guide to help the busy business owner navigate the world of tax.
Tax expert Martin Gurney said: “Tax is complex and, for most business owners or company directors, time is short. Our guide picks out headline tax tips and provides clear explanations of how they’ll affect both a business and a business owner’s personal circumstances.”
The guide covers areas such as choosing a business structure, the tax regime, capital allowances, tax free savings, buy to let, entrepreneurs’ relief, investors’ relief and preserving inheritance.
Some of the tips around businesses include:
- If you operate as a limited company, there is a legal separation between you as the owner and the company itself. This means you cannot use the company bank account as if it were your own! This requires a certain amount of discipline without which all kinds of legal and tax related difficulties can occur.
- In most small companies, directors and shareholders are one and the same and can choose the most tax efficient way to pay themselves. Using dividends can result in savings in NICs. However this needs to take account of the Dividend Allowance and dividend rates of tax. The government has announced plans to reduce the Dividend Allowance from £5,000 to £2,000 from 6 April 2018 so careful planning is required.
- When you first register for VAT you can reclaim input tax on goods purchased up to four years prior to registration provided they are still held when registration takes place. VAT on services supplied in the six months prior to registration may also be reclaimed.
Martin said: “This guide is designed to educate business owners about tax, VAT and their business and personal responsibilities and liabilities. Good practice in tax matters means planning is key and we can help business owners assess their current situation and plan effectively – taking into account legislative changes we know are coming into effect in the near future.”
The Taxes Made Easy guide is available as a free download from both Haines Watts Swindon local website at www.haineswatts-swindon.co.uk or feel free to contact tax partner Martin Gurney on 01793 533838
Pictured above: Martin Gurney, tax expert, Haines Watts, Swindon.