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Obtain 100% tax relief on the purchase of energy saving equipment
purchased from 6/4/01 (1/4/01 Companies).
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Obtain 100% tax relief on investment in computers, software or internet
enabled telephones purchased during the 3 years ending 31/03/03.
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Zero tax for small limited companies whose profit is less than £10,000.
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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.
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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.
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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.
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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.
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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.
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