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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.
Who are 'persons with significant control' ?
Every year Companies House require you to file a ‘CS01’ (confirmation statement). For companies and LLPs with in...
Is your HMRC communication genuine?
At Sence, we are regularly asked how business owners can tell if they have received a genuine communication from HMRC. T...
Need help with your tax bill?
Contact HM Revenue and Customs (HMRC) as soon as possible if you can’t pay all your tax on time. You may be able to...
HMRC changes tax-free fuel rates
HMRC have updated its advisory fuel rates from 1 March 2018 onwards. The rates don’t reflect current pump prices, but ...
Gender pay gap reporting
The gender pay gap shows the difference in pay between all men and women in a workforce. If a workforce has a particular...
The Tax Charge
The annual tax on enveloped dwellings (ATED) is for UK properties only and is a sliding scale starting for property wort...
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; ...
As long as we are in business, we shall continue to use Sence accounting.
Lucy and Nicky Jackson