Tax Guru Needed!

[Shane_Eddie]

I am looking for a fellow who may be able to advise on tax. I have recently set up a Ltd Company and want to make sure that I am being as tax efficient as I can be....

Any help would be greatly appreciated!

[vr55vxr]

I would go to an accountant and get his advice - as an Ltd company I would expect you have already sorted one out

[Novus]

Send me a pm ,my old man owns an accountancy firm that also specialises in business start up advice re tax etc fella so might be able to get him to advise on best way for you.

[Shane_Eddie]

I would go to an accountant and get his advice - as an Ltd company I would expect you have already sorted one out

The trouble is, accountants can be very expensive, I need to make sure that while hes telling me how to avoid paying the maximum tax, hes not draining funds from my business in the process.

Not sorted one yet, returns not in for a year after trading so its not massively urgent as only 6 months in but its got to the point now where I should start taking some advice!

[Shane_Eddie]

Send me a pm ,my old man owns an accountancy firm that also specialises in business start up advice re tax etc fella so might be able to get him to advise on best way for you.

Sent - thanks!

[vr55vxr]

The trouble is, accountants can be very expensive, I need to make sure that while hes telling me how to avoid paying the maximum tax, hes not draining funds from my business in the process.

Not sorted one yet, returns not in for a year after trading so its not massively urgent as only 6 months in but its got to the point now where I should start taking some advice!

I understand where you are coming from, but money spend now could save you later in tax bills.

[Shane_Eddie]

I understand where you are coming from, but money spend now could save you later in tax bills.

Couldnt agree more mate, and the longer I leave it, the more that someone will have to go through, thus making it more expensive.

If anyone else has some tips of tax, or more importantly, avoiding it, then please feel free to post!!

[bennyboi]

as a soul trader did you hit 65k last year?

[Shane_Eddie]

as a soul trader did you hit 65k last year?

Ive never been a sole trader.....I went straight in as a Ltd Company and no I wont earn that much this year so wont need to register for VAT (Although I wish I was going to turnover that much!)

[R15VXR]

Ive never been a sole trader.....I went straight in as a Ltd Company and no I wont earn that much this year so wont need to register for VAT (Although I wish I was going to turnover that much!)

Firstly, at that level of turnover their isnt that much to save nowadays due to the small business been hammered by gov taxes etc, however its still worth paying a good accountant to save you the most you can, which wouldnt be much but will still pay for the accounts bill plus extras.

Anyway, here are my tips, but all this depends on what you do and other circumstances, again why you need personal advice from an expert.

1. Small businesses lost their first 10K free yrs ago so every penny is taxed @ 19% initially now.... so no point paying a high salary to yourself or partner - use ONLY your personal allowance to its full (674L ? ) and pay the rest in dividends which you will only initially pay 19% tax on and naturallysave on NI both personally and from a co POV. However IMO you have to be careful doing this - paying low salaries as your NI contributions will be very low or non existent which could cause you a personal issue on retirement - again this would be purely down to your personal circumstances - apply for a pension forecast from Longbenton ASAP anyway.

2. If you have a B2B company, you need to be VAT registered as you will lost business if you dont !

3. Spend as much as you dare on IT or Tools and replace after 3yrs

4. Take full adv' of the new increase in travel allowances now @ 42p for the first 10K and keep away from co cars if you can till your TO is more or you lease.....