- Choice of accounting date stops
profits being taxed twice in the early years.
- If capital items are purchased near
the accounts year end the more capital allowances can be claimed and so reduce tax earlier
with the cost only taking place in the last month(s) of the
accounts, not at the beginning.
- If you are both self employed and
employed then National Insurance Contributions can be deferred. Also if your income is
likely to be low a small earnings exception may be asked for.
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Contributions by your
employer to your personal pension plan or approved company scheme are not charged to tax
and National Insurance Contributions (NIC)
If you use your own
car for business, mileage allowances based on the generous authorised limits may be
received free of tax and NIC
Professional
subscriptions may be tax deductible, have you claimed yours?
Detailed records of
matters relating to your tax affairs need to be kept. Failure can result in a penalty of
up to £3,000 per tax year (this also applies to the self employed). For example, a
mileage log must be kept.
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