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Keeping your tax liability low
There are many ways of keeping your tax liability low, dependant on individual circumstances. Without fully evaluating your details there are no straight answers that will work for everyone. The list below is general principles that will assist you in reducing your tax liabilities, unfortunately we are not able to write all the allowances and steps a business can take as there are thousands of options available to each business. The key is knowing which ones are the best for your business and the field in which you operate in.
Use an accountant/bookkeeper
A qualified accountant/Bookkeeper will know a lot about what your legal obligations are, in terms of taxation. A qualified accountant/bookkeeper will know legitimate ways to keep your tax liability to a minimum, generally through maximising allowance claims.
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Pay tax on time
Always pay any tax you owe n time. Interest is charged on late payments on an annualised rate of 7.5%. HOWEVER, if you are going to go overdrawn at the bank by paying HMRC, particularly if you don’t have an authorised overdraft facility, then its cheaper to pay interest to HMRCH than it is to pay interest to your bank
Balancing Payment
If you’re balancing payment (NOT PAYMENT ON ACCOUNT) for any given year is paid more than 28 days late, there will be a surcharge of 5% of the tax still owed at the 28th February. There will also be another 5% surcharge on sums still not paid by the 31 July
Updates
HMRC
As a general rule, if you owe HMRC money and are unable to pay, you will generally get more favourable treatment by discussing the matter with HMRC’s staff rather than burying your head in the sand and avoiding the issue.
Child Tax Credits
As with working tax credits, Generally speaking you can receive credits if your income is up to £50,000 (£66,000 if the child is under one year), it’s worth making a claim, even if your income slightly exceeds these figures.
T: 0113 - 2174157
Tax saving advice
What types of income are tax free
Child Tax Credits Adoption Allowances Adult placement Carers’ IncomeAnnuities from gallantry awardsBereavement PaymentsBetting, Lottery and pools winnings, and raffle prizesCar parking benefitsChild BenefitsChild Dependency additionsChild Tax CreditsChild Trust FundsChild trust fundsChristmas bonuses paid by the state to pensionersCompensation for loss of employment of up to £30,000 (professional advice must be sought)Compensation for mis-sold personal pensionsCouncil tax benefitsCompensation for personal injuryDisability Living AllowanceEducational Maintenance AllowanceFoster Care IncomeGratuities and bounties from the armed forcesGuardian’s AllowanceHome improvement, repair and insulation grantsHousing benifit
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