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Business Tax / Company Tax back

Obtain 100% tax relief on the purchase of energy saving equipment purchased from 6/4/01 (1/4/01 Companies).


Obtain 100% tax relief on investment in computers, software or internet enabled telephones purchased during the 3 years ending 31/03/03.


Zero tax for small limited companies whose profit is less than 10,000.


Consider transferring your trade to a private limited company if you are a higher rate taxpayer, self employed and retaining profits in your business. It is possible that you could retain profits at much lower rates. Use the tax saved inside the company to invest in property or other assets. Discuss this with us before taking this step as there are CGT issues and personal tax matters to consider.


Claim Fixed Profit Car Scheme mileage rates rather than keep the car in the business and claim expenses on an old low value vehicle. If you run a company car use this scheme and avoid any benefit in kind on motor vehicles.


For company employees pay bonuses half yearly or annually to save national insurance contributions. Individual circumstances vary but get in touch to see if this will save you money.


Utilise tax losses effectively. If you are self employed you can carry back losses to earlier years, and special rules apply in the early years of a new business.


Set trading losses against capital gains made in the same trade. However where the capital gains are subject to taper relief it may be more tax efficient to carry the trading losses forward to set off against future profits, otherwise the trading losses will be tapered (reduced) with the gains.


For further information please contact us.

 

 

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Anthony M. Hughes & Co Chartered Accountants
Central Chambers, 83A High Street, Cradley Heath, West Midlands, B64 5HA
Tel 01384 634475   Fax 01384 637055
info@anthonymhughes.co.uk