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Tax Planning

Legal, ethical ways to control your debt to HMRC

 

Like it or not, the tax office will get its share of your success. But that share needn’t be excessive. (You’re a taxpayer – not a donor!)

All it takes is diligence: an exhaustive look at your business to find new tax efficiencies.

It starts with the classic question, “How can I pay myself more and pay the taxman less?”. And it ends with a series of considered measures that might involve: 

  • Your company structure. You can save a lot of tax by allocating shares to family members. And thanks to A-B-C type “alphabet” shares that set different rules for different shareholders, you can do it without “giving away the farm”. 

 

  • Your company cars. Do you own or lease? What’s your vehicle class? Do you pay employees mileage? The rules keep changing, so don’t get too attached to decisions that were tax-efficient a few years ago. 

 

  • Your company pension scheme. A flexible pension like a SIPP is often a good choice, as you can take the first 25% of the pot tax-free. But you have other options too. Perhaps your trading company is your pension scheme – accumulating funds for the future?

 

  • Your property portfolio. If you invest in buy-to-let property, you might consider a Special Purpose Vehicle (SPV) that will let you borrow from your trading company tax-free.

Of course, this is just a snapshot, as there are so many factors in play: your main residence… family… living costs… profits… long-term goals… not to mention your attitude to risk. So there’s a lot to discuss.

But the taxman won’t tell you any of this. We have to figure it out between us.

Just get in touch and we’ll discuss it, as part of a custom package.

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