These are just some of the most common tax saving ideas:
Pension contributions: Contributions to the pension pot own staff are usually fully deductible from corporate tax profits, although some criteria may be met if the trade through a limited liability company. You can also include employer contributions to pensions in their staff remuneration package to help reduce (and your) tax bill or corporate income.
Business Mileage: Most people unknowingly, many miles of travel on business without recourse to their business mileage allowances. If you are running a private car on business trips, you can claim up to 45 pence per mile (25p per mile after 10,000 miles per year). The claim everything is completely tax free and could amount to several thousand pounds per year.
Claim your capital allowances: The version of tax depreciation was subject to major changes in April 2008 laws that will benefit many small businesses and now can claim 100% of all investment in plant and machinery or facilities and accessories to the first £ 100,000 against its taxable profits in the year of investment, but be quick as the limit be reduced to 25,000 in April 2012! Another 100% also benefits can be claimed for the purchase of energy efficient plant and machinery or cars with low CO2 emissions.
R & D claims: If you are developing an innovative new product or service, then you may be able to claim 175% relief of costs incurred in developing that product or service.
Goodwill: If you have a limited liability company and has acquired good will from April 1, 2002, you can claim tax relief against the acquisition cost over the next few years (usually between 5 and 20 years ).
If you would like to explore all the ways you can reduce the cost of business taxes, please speak to a member of our team who will be able to contact law specialist adviser.
