Tax Optimization

If you want to save on your taxes but do not want to study the detailed tax legislation, we recommend that you contact a specialist. We offer tax optimization reviews to all clients and work to ensure that you pay only what you are legally obligated to pay and no more!

Whatever your tax planning needs, we strive to find a tax-saving scheme that suits your circumstances, so be sure to contact us for more specific tax planning advice.

Below are some tips that reflect general recommendations for various tax-saving strategies: they should help answer some of your questions.

Employment of spouse in business

If you are self-employed and your spouse helps with administration or performs any other work, it is legal to pay your spouse a salary.

However, some rules must be followed, such as when paying your spouse.
Self-employed persons with higher tax rate obligations may benefit from this option if their spouse is not a taxpayer or is a taxpayer taxed at lower rates.

Low-interest loans provided by employers

The company can lend employees up to £1000 tax-free if the employee is not a director. This can be useful if, say, an employee needs to buy a car with company funds.

VAT recovery

Get VAT back on some invoices you paid or received before you registered as a VAT payer by including purchase VAT on your first return. Make sure you have VAT invoices and follow the rules. Be careful though: there are time limits and rules for this option, so be sure to check with your accountant!

Capital gains tax – use of home for office

If you claim tax relief for using the room as an office, you may have to pay tax when you sell the house later, but we can advise you on what steps to take to reduce capital gains tax.

Capital gains tax – sale of property

If you owe capital gains tax (CGT), for example, because you’ve sold a house or a rental property, you’ll need to complete a tax return. From 2020, in April you must report and pay the CGT to HMRC within 30 days. Our accountants can inform you about all tax planning options to reduce liability. We can also fill out your tax return.

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