hail-hail

Hi folks, I am running my own company and need to find the best ways to minimise my tax bills, both personal and company, I have looked at the online places like

www.taxcafe.co.uk
www.taxinsider.co.uk

but these places want £50->£200 for downloads, cd's etc, I don't mind paying this or more, but I want to make sure I'm not throwing money away.

Has anyone used these or other similar site and able to make any recommendations?

PeteBrant

Get a good accountant, that would be my advice - he will know exactly what you can write off, what you can get away with etc.

The Chief

Are you a limited company???

hail-hail

Yes, Limited company, and I have an Accountant, but feel that although they are a high street accountancy, they don't seem to have the knowledge I need.
They are also less likely to advise on loopholes that are 'bending the tax laws'

David Lock

Watch out for the pms

Dunk

iTrader: (1)

Change your accountants !

D

hail-hail

The way I see it, bending is allowed, breaking isn't. I don't want to and won't break any laws, but I have paid thousands upon thousands as PAYE and now I have my own company I want to pay as little as legally possible.

GaryK

Well to play it straight you'll still pay thousands on self assesment if you are earning lots. The big accountancy firms offer very good tax avoidance but you will typically pay £200 an hour for decent person.

gpssti4

iTrader: (6)

A friend of mine was in a similar situation when she started her own business. Her advise was to become a limited company - with her and her father as share holders. She pays herself a 'low' salary and so very low (if any tax). However she now she pays corporation tax(???), but at a low rate - maybe 10% (perhaps someone else can expand on or correct this). I guess she takes money out of the business as a shareholder - not too sure how that works!

Our friends at the tax office took her to court (not sure of the exact charge - something like not paying his Tonyness enough beer tokens) .................. and lost. Yes, she beet the system - I even bought her a pint to celebrate - surely she should have bought me one???

Good luck.

David Lock

The cliche is Tax Avoidance not Tax EVASION.....

lightning101

Evade and avoid have the same dictionary definition

PeteBrant

It used to be that you pay yourself an extremely low salary, and then pay your self a dividend which is taxable at a much lower rate (I believe this little loophole is now closed). I suppose the other thing to think about is VAT registering - If you turnover more than, I think, its £55,000 per annum you must be VAT reigstered - which means you can claim back the VAT on business related expenses, and some accountants can be quite creative on what constitutes a business expense.

hail-hail

I'll start a new thread for the semantics around the words Avoidance and Evasion if you like, but can we please leave this thread for the advice I am looking for

David Lock

Not a builder are you?

David Lock

OK - what you need is a decent IFA or a good Tax Accountant. I don't think you need to spend £200 an hour either. Where are you? I can give you a good starting point if you are London based.

hail-hail

Thanks Pete, you can still pay yourself a small salary and the rest in dividends, however the tax rate is now higher for dividends than it used to be.

hail-hail

Thanks David, but i am in scotland