Tax Planning

For those seeking tax savings without delving into intricate tax legislation, professional advice is crucial. At Anne Wayne Accounting, we conduct tax planning reviews, ensuring clients meet legal obligations without unnecessary payments.

Addressing diverse tax planning needs, we tailor schemes to your circumstances. Contact us for sector-specific advice and tips. Explore general tax-saving strategies below:

1. **Employing Your Spouse:**

- Legitimately pay your spouse for business assistance.

- Adhere to rules, especially regarding payment amounts and documentation.

- Significant savings for sole traders with higher tax liabilities, particularly if spouses have lower tax rates.

2. **Low-Interest Loans:**

- Companies may lend employees up to £10,000 without tax implications (excluding directors).

- Useful for scenarios like buying a company car to avoid benefit in kind tax charges.

3. **Stock Valuation:**

- Value stock at cost or 'net realisable value' (lower figure).

- Reduces taxable profits on your balance sheet.

4. **Recover VAT:**

- Reclaim VAT on invoices paid or received pre-VAT registration.

- Maintain VAT invoices and a schedule of adjustments, adhering to time limits and rules.

5. **Capital Gains Tax - Home as Office:**

- Claiming relief for a home office may result in a future Capital Gains Tax charge.

- Receive advice on minimizing Capital Gains Tax liability.

6. **Capital Gains Tax - Selling Property:**

- Complete tax returns promptly after selling property.

- Anne Wayne Accounting offers advice on planning opportunities and handles the tax return process, including the 30-day report post-April 2020.

Ensure your financial success by exploring personalized tax solutions with Anne Wayne Accounting.