“One of the great fundamentals of tax planning is good timing. Be aware of legislative changes, looming deadlines, personal circumstances etc.
Interesting to think that good timing is the one thing that tax planning and comedy have in common!”
“Remember to pay your second payment on account by 31 July 2022, to avoid any unnecessary interest.
It is not too late to reduce it, if you believe your 2021/22 income is lower than previously estimated.”
“COVID-19 has clearly had a negative impact on the value of many investments, properties and businesses.
Can you use these to assist a succession strategy to the next family generation?”
“Employee Ownership Trusts allow the payment of tax free bonuses to staff of up to £3,600 per person per annum.
That’s a great way to say thank you!”
“We have just completed a long running enquiry with HMRC where the outcome for our client was excellent.
The original advice had been well thought out and researched, and in the early stages of the enquiry, we ensured that a friendly, co-operative relationship was struck with HMRC. In the long run, we stood our ground on key areas and HMRC agreed with our position.”
“Did you know that your personal pension scheme can own, and rent out commercial property?
Your pension scheme pays no Income Tax on rent received nor Capital Gains Tax in the event of a profitable sale.”
“When trading overseas, whether you sell products or services, ensure you have taken advice on your tax position.
Trading internationally can be a VAT compliance minefield, so always seek advice.”
“Subject to certain limits, personal pension contributions can achieve high levels of additional tax relief, thereby cutting your annual tax bill.”
“By using the VAT Flat Rate Scheme, some smaller businesses can benefit from paying a lower percentage of VAT to HMRC.
For example, a self-catering accommodation business that charges customers the standard rate of 20% only has to pay HMRC 10.5%, therefore retaining 9.5% of the difference. This mainly suits businesses with low operating costs as no VAT can be reclaimed on business expenses.”
“If you intend to leave the UK to live and work overseas, then you should consider if any pre planning is required as a result of that decision.
Careful planning may open up opportunities for valuable tax savings.”
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Chartered Accountants
