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Effective tax planning is important to every client and every business. At the most basic level there are simple planning actions you can take to start saving tax yet there are businesses out there that are not aware of these. Nobody likes paying more tax than they have to, and why should they?
Sence can provide advice and help with the following areas:
For growing businesses launching something new (e.g a new product or entering a new market), it is possible to restructure the business in a way so that the end result is that 5-10 years of expansion profits can effectively be earned free of tax, and this new structure enables businesses to reward, motivate and retain key people.
For companies that are looking to pay their key employees/directors in excess of £100k in discretionary bonuses (and have the cash), there are strategies that could reduce their personal income from a surprising marginal rate of 60% to zero!
Have you bought or extended commercial property at a cost of £300k or more in the last 10-15 years ? Or thinking about it ? It is possible for any taxpayer to claw back (usually) between 20-40% of the costs and reclassify them as plant machinery. This can result in big savings and sometimes a big cheque from HM Revenue and Customs.
There are a range of inheritance tax (IHT) strategies available from basic Will-based IHT planning that can sometimes save over £100k in tax to more advanced IHT planning that can reduce IHT liabilities to nil.
There are alternative strategies for eliminating the risks of IR35 enquiries and delivering over 80% of gross earnings to the contractor.
Discover if your company is eligible to claim Research & Development credits and obtain 225% tax relief.
The contributions into workplace pensions will rise to a 2% employer minimum and 5% total. They are currently 1% and 2% ...
The lower earnings limit will rise by inflation to £116 per week and the thresholds for when national insurance kicks i...
Tax rate and allowances
The personal tax allowance will increase to £11,850 from the new tax year. Therefore, the emergency tax code will be 11...
Have you considered the ruling which says that voluntary overtime if paid sufficiently regularly must be included in hol...
Bank Holiday Problem 2018
The holiday year in England and Wales is 1 April to 31 March, and you might not yet have looked at where Easter falls in...
HMRCS’s interest rate rises
In August 2016 the interest rate HMRC charges you for not paying your tax bill on time (which tracks bank interest rates...
Scotland’s Finance Secretary has made radical changes to income tax rates for 2018/19
The table below shows the Sottish income tax rates and allowances for 2018/19: Personal tax-free all...
Another year of the flat rate National Insurance
From 6 April 2018, the flat rate Class 2 national insurance contributions for the self-employed was due to be scrapped; ...
The daunting task of filling in forms and returning e-mails have been made so easy
Julie & Nigel Staley
Uncle Bunt's Leics Limited