Ensure you get the right financial advice on your tax today, Finance Equation are Chartered Certified Accountants and regulated by the ACCA.
Tax is a business expense just like any other so it’s important to look at all legal avenues to reduce your tax position. Planning ahead is essential to make sure that you have the correct business structure that will help you to reduce your overall exposure, by doing so you increase your business cash flow which can be used to reinvest in your business for growth.
There are a vast number of taxes to consider when you do business. Sometimes it really does feel that HMRC are out to get you. There are many scare stories of people that have been hammered by HMRC. There is a lot of change in the area of tax so it’s important that you keep on top of these changes and understand how they affect you.
Clause 24 in the 2015 budget statement, by the Chancellor George Osbourne, has major ramifications for property investors. Those holding residential property in their personal names are set to have their payment to HMRC increase substantially. This is definitely the case if you are a 40% taxpayer. Clause 24 may even mean to become a 40% taxpayer. There are ways supported by case law and statute that allow you to side step the effects of clause 24.
No matter how you structure your business there are ways to reduce your tax bill. HMRC even try to help you by issuing Extra Statutory Concessions. These ESC rules give you reliefs over and above that given in law. At the Finance Equation we proactively look at ways to help you reduce your overall liability.
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