5 Top Tax Tips For Your Ltd Company Slideshare
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5 tax tips for your Ltd company that can reduce your tax liability, allowing you to keep more of what you've earned. By Keepers Accountancy's Matt Coghlan
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5 Top Tax Tips For Your Ltd Company Slideshare
- 1. 5 TOP TAX TIPS FOR YOUR LTD COMPANY 2013/14 By Keepers Accountancy
- 2. #1 Pay Dividends to your Spouse/ Children • Now odds are you’re probably thinking “I already give them too much money” • But in certain circumstances profit sharing between you and your family can be very tax efficient.
- 3. • You need to utilise each family member’s personal allowance. This is done through your LTD Company in way of dividends on shares your family own. • Also if you have children who are 13 or over, odds are they’re earning less than £8,105. And they if help out in your business you can pay them a wage to reduce your taxable profits. #1 Pay Dividends to your Spouse/ Children
- 4. #2 Research and Development Tax Relief • "In this world nothing can be said to be certain, except death and taxes.“ • Perhaps Benjamin Franklin would have taken a more optimistic view, had someone made him aware of the tax reliefs available for businesses, such as ‘Research and Development Tax Relief’ or ‘R&D’.
- 5. #2 Research and Development Tax Relief • R&D is a tax insensitive by the HMRC to encourage innovation amongst Technical firms in the UK, in an attempt to raise the UK’s presence on an international scale. • As of 2012 you can receive a whopping 225% tax relief if you pass HMRC’s guidelines. • R&D is explained in much more detail in a blog post on our website. To read the blog post click here
- 6. #3 Annual Investments Allowance (AIA) • The AIA is a capital allowance which allows a full write off of capital expenditure for plant and machinery in the year of purchases.
- 7. #3 Annual Investments Allowance (AIA) • In April 2012 the allowance decreased from £100,000 to £25,000. • However in January of 2013 legislation introduced a temporary increase for 2 years of £250,000 to stimulate growth in the economy by providing an additional time-limited incentive for businesses to invest in plant or machinery. • So it is possible to reduce your profits subject to Corporation tax by using the AIA to its full potential, although this would need to be done through constant reviewing and planning of your expenditure.
- 8. #4 Company Cars • If you use a company car system at your business, have you considered whether they’d be better off personally owned?
- 9. #4 Company Cars • When using a company car personally, you need to remember that you have to pay national insurance on the benefit in kind, and depending on whether the fuel is included or not; it may turn out to be quite costly. • Owning the car personally will not draw the benefit in kind and you may claim the mileage at the approved rate of 45p/25p per mile. Depending on whether you’ve got a smart car or a Bugatti it may start to build up. Although deciding which option is best for you is dependent on your circumstances and the vehicle involved.
- 10. #5 Download Keepers’ 57 Tax Tips • This Free eBook has 57 tips to reduce your tax liability, ranging from your employees, to your investments, to your business in general. • To Download your free copy and see how it can save you money click here