“If you are building your own property, have you ensured that you have recovered as much of the VAT suffered on your construction costs as possible?
Discuss the position with your accountant to determine your full eligibility to recover VAT, and watch out for the time limits.”
“Employees are a company’s most valuable asset. Selling your shares to your employees through an Employee Ownership Trust (EOT) should be considered as part of any exit strategy as this offers excellent tax breaks and great flexibility.”
“Many personal tax payers have significant income, but have very little scope for reducing their personal tax burden.
With a careful use of pensions, Enterprise Investment Scheme (EIS) or other similar tax efficient investments, you could significantly reduce your tax bill whilst making savings.”
“If you are thinking of selling your business, seek appropriate tax advice as an unclear agenda for why you are selling your business could result in added tax risks and liabilities.”
“Business can often be a mix of trading and investment assets, which are normally best kept apart in good tax planning structures.
If you have a business containing both trading and investment assets, discuss with your tax advisor whether restructuring might give you a better outcome.”
“Before registering for the HMRC initiative, Making Tax Digital, please ensure your software is MTD compliant as this may prevent you from submitting your VAT return as you currently do, including via the HMRC website.”
“Sometimes things evolve over time and lack coherent thought. A root and branches review of your affairs can identify glaring issues.
Every 5 years or so it is right to go back to basics to ensure that your fundamentals continue to be right for your current circumstances.”
“In any construction of new commercial property, it’s a common misconception that no tax allowances can be claimed.
We advise you ask the main contractor for a bill of quantities and make a claim for capital allowances on all the fixtures, movables and integral features.”
“It’s a common oversight for business owners to forget to recharge legitimate business expenses such as mileage, parking, use of house as office.
We advise you check your personal bank statements and credit cards for business expenses. You’ll be amazed what you find!”