subject: Five Tips Tax Business Owners [print this page] Five Tips Tax Business Owners Five Tips Tax Business Owners
1. Useful advice that pays for itself
Business owners can benefit from professional advice to understand the different regimes, they are allowed to use when it comes to their own salaries, dividends, bonuses and loans. You may be able to manage your contributions to tax and national insurance more efficiently by changing your existing systems.
2. Learn about the new regime of capital cost allowance
This allows you to grant 100% by adjusting the initial expenditure of 50 000 for certain activities in a particular financial year. Consider co-ordinate the necessary investments and the business end of the year would be an advantage. It may be possible for some or all of the applicable capital gains in spending. It depends on the type of expenditure and, of course, this is an area where you need expert advice.
3. Ask your review of the VAT system
Many entrepreneurs are not aware that even if they operate below the VAT, which is always in their interest to participate. In general, this may be a useful gesture when your customer bases are registered for VAT. There are other circumstances in which it would also be to your advantage, the contribution of new professionals is essential. For companies that are subject to VAT, the consideration is always important. Ask the interest rate regimes on the plates. Depending on the nature of your purchase, you may pay more tax than would otherwise be necessary.
4. Start the ISA in April
The maximum contribution that can be assigned to an ISA 2011 and 2012 are set at 10.680, an increase of 480 pounds the previous year. For a couple, this means a total of 21,360 can be invested without attracting capital gains tax (CGT). Although the ISA may not seem as exciting as other complex investments, it is certainly a reliable source of tax-free funds in the medium and long term.
5. Ask about tax-exempt donations.
There are rules about the amount and type of gifts you can, for example, gifts to your partner, your family, and charity and so on. There is also provision for gifts as part of their "normal expenses." Ask your tax advisor in which donations are tax-free. You may not know how to better provide for your family or favorite charity without paying taxes.
Although most people have heard of the ISA, there are a number of other provisions in tax law and business owners' sometimes surprising power. Mention this advice in the next brief to consult your tax adviser you may find that you pay more than you need.
