Top Tax Tips to Save You Money!
REPORTING- Quarterly reporting at HMRC from April 2018 - Be ready for the seismic change in the requirements for quarterly reporting. This will apply to all businesses, landlords and 'some others'!
10% TAX FOR SOME ! - Are you a progressive company developing and selling patented products? If so, in addition to the R&D reliefs, there is also the potential of a 10% tax rate on the profits from sales of your patented products.
Nothing is Certain but Death and Taxes ! - If you run a business with a potential sale value, or have property associated with the business, it may be possible to increase your nil rate tax band substantially (reducing exposure to 40% tax), by Inheritance Tax planning and the use of a discretionary trust.
PROPERTY- Your residential investment property is under attack. It is subject to the higher rates of capital gains tax, interest relief for income tax purposes is to be restricted gradually to basic rate tax by 2020 and there is no longer wear and tear allowance.
The expense of older children - Want to help your child buy their first property? Complications of current/future partners? Consider the alternatives of gift, loan or trust.
IT DOESN'T GET MORE GENEROUS THAN AN R&D CLAIM - If your company spends time and money on 'an advancement in science or technology' it may be eligible for one of the most generous tax reliefs currently available...a massive 130% additional claim over and above the actual cost..don't miss out !