Tax
Savings
Whether you're embarking on a new business venture or have been operating for a while, PolTax Accountants is here to provide expert assistance with your tax planning.
If you aim to optimize your tax savings without delving into the intricacies of complex tax laws, it's wise to seek professional guidance. We offer comprehensive tax planning reviews to ensure you only pay the legally required amount of taxes, no more.
Whatever your specific tax planning needs may be, we are committed to identifying tailored tax-saving strategies that suit your circumstances. Don't hesitate to reach out to us, especially since there might be specialized tax advice and tips applicable to your particular industry.
Outlined below are some tax-saving insights that offer general direction on various strategies and may address some of your tax-related queries.
Involving Your Spouse in Business Activities:
-
If you're self-employed and your spouse contributes to general administrative tasks or other roles, it's legitimate to provide your spouse with a salary. However, there are specific guidelines to follow, including determining an appropriate payment and maintaining evidence of these payments throughout the year.
​
-
For sole traders with higher tax liabilities, this arrangement can be particularly advantageous if the spouse is a non-taxpayer or falls under a lower tax bracket. Additional tax savings can also be achieved by making pension contributions.
​
Interest-Limited Loans from Employers:
-
Under certain conditions, a company can offer an employee a loan of up to £10,000 without triggering tax implications, provided the employee is not a director. This can be valuable, especially if the employee needs to purchase a company car to avoid benefit-in-kind tax charges.
​
Valuing Stock:
-
Stock is typically valued at cost, but it's possible to value it at the 'net realizable value' if this is lower. Essentially, this means assigning a value based on the potential market sale price. Decreasing the value of closing stock will directly reduce taxable profits.
​
Reclaiming VAT:
-
You can reclaim VAT on invoices you've paid or received before registering for VAT by including the input VAT on your initial VAT return. It's important to retain the VAT invoices and maintain a record of adjustments. However, there are specific time limits and regulations governing this recovery process, so consulting your accountant is essential.
​
Capital Gains Tax - Home Office Usage:
-
While claiming tax relief for using a room as an office can lead to a tax charge when selling your home, there are measures to minimize potential Capital Gains Tax liability. Our experts can provide advice on such strategies.
​
Capital Gains Tax - Property Sales:
-
If you're liable for Capital Gains Tax due to selling properties like holiday homes or rentals, you're required to complete a tax return. Starting from April 2020, reporting and paying CGT to HMRC within 30 days of completion became mandatory. PolTax Accountants can guide you through tax planning options to reduce your liability. We also offer assistance in completing your tax return and the 30-day report.
​
We're ready to discuss your unique needs, assess your situation, and help you determine the best course of action for your business. We aim to identify advantageous tax arrangements and empower you to make well-informed decisions.
​​
Engage with Us through a Simple Three-Step Process:
1.Get in touch
Schedule a Complimentary Consultation, either in-person or through video, with a nearby accountant. This relaxed conversation allows us to become acquainted with you and gain deeper insights into the specific assistance you're seeking.
2.Chat to an expert
We provide transparent explanations of the available assistance, and we're more than willing to serve as business advisors to aid in the expansion of your enterprise.
3.Get a quote
Our pricing is set and customized to suit the unique needs of each individual, ensuring that you're charged solely for the support and services that match your specific requirements.