Did you know?

  • Going limited Are you paying higher rate tax? If so, you might want to consider incorporating your business.
  • Capital expenditure Review the timing of capital expenditure to maximise claims for capital allowances.
  • Claim hidden VAT You can claim VAT within the HMRC approved mileage rates.
  • Want to improve profits? Concentrate on reducing the material and labour costs in your business. This will generally yield better savings than overhead reduction alone.
  • Keep written records To support the validity of important decisions, ensure that these are minuted (e.g. appointment of directors and dividend proposals).
  • Utility bills Take actual readings to avoid inflated bills.
  • Bank the cash Bank cash at regular intervals to reduce overdraft costs.
  • Cash is king When you settle a bill, you may be offered a discount of 1.5% for immediate payment compared to 30 days net. This early settlement discount produces a return on capital of 18% and is clearly worthwhile.
  • Pension contributions By making a company or personal pension contribution, you can make substantial tax savings while investing for your future.
  • Pay yourself at the NI contribution threshold As a director or employee, pay yourself up to the employee NI earnings threshold. This way you will be due no tax or national insurance but you will still qualify for State basic pension rights.
  • Mileage rates You can claim an additional amount per mile if you travel in your car on business with a colleague.
  • Keep a log of journeys Keep fully itemised records of business trips and fuel receipts to avoid an HMRC enquiry.

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