How much tax should I pay?

Taxability Check List

Your small business

Are you sure that you are taking money out of your business in the most tax-efficient way?*

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If you are a sole trader, have you considered taking your spouse/employees into the business?*

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Have you considered whether there are any benefits from converting partnership/business loans and/or surpluses into personal loans - or vice versa? If you are planning on moving home, have you explored the possibility of taking a business loan instead of a mortgage? *

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If you or your business has made losses, have you made sure that those losses are being used to reduce your current tax bills by as much as possible?*

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Have you correctly recorded dividend payments by your company on board minutes and dividend vouchers? Do you always time the payment of dividends and bonuses so that they fall in the ‘right’ tax year for you? Have you considered using different classes of shares for company shareholders?*

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If your company invests in Research and Development (‘R&D’) and you would be surprised at the definition, have you planned how to make the most of the up to 230% (225% until 31st March 2015) effective tax relief?*

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Have you considered saving tax by reducing the amounts of cash held by the company?*

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If your company owns property that it rents out, have you fully considered the tax opportunities?*

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If you own any business property, have you maximised the capital allowances that you can claim?*

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Your employees (which include YOU if your business is a limited company!)

If you use contract workers and freelancers, have you made absolutely sure that the Taxman has no grounds for treating them as your employees?*

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Have you looked at the possibility of motivating and rewarding your staff by giving them share options?*

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You and your family

Have you made a will? Have you updated it recently? And is it Inheritance Tax efficient?*

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Have you made full use of the fact that each of your children and grandchildren can earn up to £10,600 a year as income in 2015-16 (£10,000 in 2014-15) and £11,100 a year in capital gains - completely tax free?*

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Have you answered 'No' or 'Don’t Know' to any of these questions? Don’t have an accountant? ​ If you do, are you confident they are reviewing these matters on a regular basis? We are confident we can safeguard your finances, so please fill out your name, address, email and contact number below and submit this form and we will be in touch promptly to arrange a no obligation, no cost review at a time and place to suit you.​
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