Good tax advice should lead to greater profitability and put more money in your pocket. It is about making the right plans, paying the right amount of tax and drawing the right amount of salary from the company. Do you know what is ‘right’ at the moment?
No one likes unpleasant surprises (read: tax surcharges) or to have to pay more tax than necessary. When it comes to tax, there are new laws and new practices every year. That is where we come in. We know what’s happening – from week to week.
If you run a large company, you will undoubtedly be familiar with the most common issues and perhaps only require advice on the most recent changes. If your company is a little smaller, you may perhaps not have time to look into these things. It is at times like this that our advice can help you to feel more confident that you are doing the right thing. You may also make some money by exploiting your rights to the full.
As an individual too there are various ways to ensure that you are left with more money in your pocket. Get in touch to find out more about your options!
Are you familiar with the salary requirement for dividends?
An important area you need to be familiar with is the salary requirement for dividends. This affects how much tax you pay if you sell a part or all of the company. The profit may be taxed as earned income, with a tax rate of up to 58 per cent, or as unearned income, which is taxed at 20 per cent. We can help you to put the right plans in place.
Tax advice makes a difference
We often identify fiscal details that can be adjusted in connection with an audit or a tax return. These may involve VAT or have to do with filling in the tax return appendices correctly. But there are issues that need addressing throughout the year. Ask, ask, ask! That is what we are here for. Here we have listed some FAQs.
Keep up to date with FAQs by reading the News section on the website.
- Do I have to pay tax on a dividend? The answer depends on the type of shares you own.
- We are a construction firm and want to build new premises – can we employ our own people for the job? And how do we work out the VAT if we do?
- Should we form a separate company that invests in the new property?
- Should I take more money out or leave it in the company? How does being a sole trader affect interest adjustment?
- This new property – should it be entered as a capital asset or current asset (stock item)?
- What should we do about the VAT for renovating the association’s club premises that we sometimes hire out?
- How is the profit margin from selling used machinery taxed?