10 ways to save tax with your company [Archive]

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gezzagregz

30th July 2010, 10:54

Williams lester

30th July 2010, 11:12

Hi everyone,

i posted this thread in the general forum but think it's more fitting here!

Great mini article on 10 basic fundamentals of saving tax when operating your own Limited Company..read it here (http://www.danbro.co.uk/blog/index.php?entry=entry100730-100542)

hope it helps!

Fairly basic and generalised info there, I would suggest consulting with your accountant to get the best tax planning advice, as only they will know all the details of your personal circumstances.

gezzagregz

30th July 2010, 11:26

'basic and fundemental' as stated in the post

Williams lester

30th July 2010, 11:56

'basic and fundemental' as stated in the post

By fundamental you mean what?

Some of the advice could be hopelessly wrong (and disastrously expensive) if you do not take into account the client's personal and business circumstances. For instance, number 2, "Register for VAT" - would you consider this good advice to someone running a cafe with a turnover of about £60k?

Ingrid

30th July 2010, 16:27

Good basic advice. I would be careful with the VAT registration advice though, if your customers are non VAT registered (individuals, start-ups), definitely not, particularly with the planned VAT increase.

Williams lester

30th July 2010, 17:33

Good basic advice.

I would disagree. You should get advice from your own accountant, as your personal circumstances will dictate all areas of tax planning.

If you want another example, "consider paying your spouse or partner", without knowing their level of income, it is impossible to tell whether this is useful or not. They may be higher rate taxpayers (or close to), or they may be in receipt of WTC or other benefits, which may be affected by being paid a salary.

E Storey

31st July 2010, 06:57

Surprised it didn't recommend moving the company to Belize, I hear that can work really well! :eek: