Latest Topical Tax Planning Ideas

Securing Entitlement to a State Pension ‘Credit’ without actually paying any NIC. Entrepreneurs that trade through a limited company can set how and how much they are remunerated. It is possible to avoid paying any NIC, yet still obtain a ‘credit’ for that particular tax year for future state pension purposes, by paying a salary…

Super Tax Reliefs: Claim both patent box and R&D relief? The answer to this question is yes and the combination of the two reliefs can be very valuable! We have a number of clients who are undertaking ongoing research and have already registered a patent on their earlier research. They are able to receive the…

Start-ups: Make use of your spouse’s tax allowances. There are a lot of costs surrounding setting up your own business, so saving tax is a big concern for most clients. This can be done in a number of ways, through ensuring you are claiming all your business expenses. However there is also the consideration of…

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

The Start of the New Tax Year is the time for OMB’s to revise their Tax Strategy. As another new tax year begins, business owner managers should review and revise their combined business and personal tax strategy: OMB Strategies 2013-14 Depending upon how much profit the business generates, whether or not your spouse is involved in…

Examples of the most helpful and generous tax elections and claims include: s222(5a) TCGA 1992 (Nomination of main residence) This capital gains tax election, often referred to as ‘flipping’, enables taxpayers, who own and reside in more than one home, to inform HMRC which of these homes is their principal private residence. For those who…

Certain payments made by businesses on behalf of employees are tax free personally, so are useful for profit extraction and within flexible remuneration structures: Employer pension scheme contributions (up to £60,000 per employee per annum, plus potential ‘catch-up’ from previous 3 years. This assumes your personal income is not above £260,000 and you are not…