Chartered Certified Accountants London Aydan Smith.

Tax Saving Advice

    • If you buy a property up to the value of £125,000, you do not have to pay stamp duty land tax of 1%, which will save you up to £1,500 in tax. You could spend this on other related costs of purchase.
    • If your annual earnings are between £8,105 and £34,370 you are paying £126 more in income tax from 6 April 2013 after the announcement of the budget.
    • If your annual income is between £35000 and £150000 you could be better off setting up a limited company as you could save tax by paying 20% corporation tax rather than 40% income tax.
    • If you rent a room in your own house and your annual income from this is less than £4,250 you do not have to pay any tax.
    • You do not have to register for vat if your annual turnover is less than £77,000.
    • You can deregister from vat if your turnover has reduced due to any reason below £75,000 per annum.
    • If you sell a business your effective tax rate for capital gains tax could be 18% instead of 28% if you claim Entrepreneurs Relief.
    • First £10,600 gain on asset sales is exempt capital gains tax.
    • You could invest £10,680 tax free in an ISA.
    • You could be taxed on gifts inherited above certain limits.
    • National insurance contribution rates have increased by 1% in the latest budget. To find out how this will effect you please get in touch with us….
    • You could benefit from reducing your tax liability if you invest in new machinery or equipment in your business. To find out more please contact us…