The detax diet

The start of a New Year is the perfect opportunity for you to re-look at your business plans, start by getting your finances in shape with our tax tips.

  • Claim Tax relief on expenses – Business mileage, subscriptions to trade magazines and professional fees are a few examples of business costs eligible for tax relief.
  • Pay less VAT – HMRC’s flat rate scheme could help your business save money if your turnover is less that £150,000. This won’t suit every business, talk to our Tax team to discuss what is the best solution for you.
  • Pay into your pension – if you earn between £50,000 and £60,000 and have children, you can pay more into your pension and lower your salary to £50,000. This reinstates your eligibility for the full level of child benefit and you pay less tax.

To find out more on how to limit your tax liabilities, claim the relief you are entitled to and discuss which tax plan is most suitable for you and your business,

get in touch and we can work with you to ensure you achieve your goals and ambitions for 2013.