Although HMRC have helplines available to answer your queries, their staff are not tasked with providing advice on how to minimise your tax liabilities. This is because HMRC job is to maximise tax collection.
We at Fast Tax Services Limited - Chartered Certified Accountants and Tax Consultants help you save tax within legal boundaries.
We work with our clients to find a tax saving strategy that suits to their circumstances. There are a lots of tax planning tips and tax advice available specific to different business sectors.
Some of them we have described here, however this is just a general guidance and we recommend you to contact us on +442035816420 or send us a message on our online enquiry form to describe your circumstances and ask for advice tailored to you business.
Whether you are self employed or have a limited company, if your supouse helps you with your business, you can record your spouse’s salary in the business and that results in massive tax saving. We will advise you on the rules and will complete the paperwork for you.
Businesses can also benefit from tax savings available by paying into pension schemes. The saving is available to individuals as well as to the businesses.
If you are selling a second or third home and want to reduce any capital gains tax, the garden shed and other fixtures and fittings are treated as wasting chattels for Capital Gain Tax, and that way you can achieve the tax saving in legal way.
Companies can extend loan up to £10,000 to their employees (not directors) without any tax implications. This can be used to help and employee to buy an asset like a car, and still avoid benefit in kind tax on that.
Using a part of your home as office can be recorded as business expense and result in tax saving. We will help you with the calculations and record keeping requirements. Similarly you can claim mileage allowance instead of actual motor expenses. We will do a calculation for you to see which of these two methods gives you better tax saving.
You can value your stock either at cost or at net realisable value. If you use lower of these two figures you can achieve tax saving. The lower the value of closing stock the lower the resulting profit and the tax liability.
We can help you with vat savings in various ways. There are vat schemes, we can do calculations and analysis to see which scheme gives you more tax saving. Similarly the timing of, when you should apply for registration or deregistration for vat can also make huge difference to your vat liabilities.
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