The 12 Tax Tips of Christmas – Tax Tip 7

The 12 Tax Tips of Christmas – Tax Tip 7

th day of Christmas my accountant said to me…. ditch your sleigh and get a van! Company cars can be costly. If your business allows, drive a van or a pick up (which are classed as vans) as they are 100% tax deductible. S4B are a firm of Chartered Accountants based in...
The 12 Tax Tips of Christmas – Tax Tip 6

The 12 Tax Tips of Christmas – Tax Tip 6

…. be a sneaky Santa Do you give gifts to your clients at Christmas? Use this as an advertising opportunity and make a tax deduction! Remember that you cannot claim a deduction if the gifts to clients are food, drink, tobacco or gift tokens. To be an allowable...
The 12 Tax Tips of Christmas – Tax Tip 5

The 12 Tax Tips of Christmas – Tax Tip 5

…. make it a family affair. Are you stuck for a Christmas present for a family member? Do they help out in your business? Why not make them part of your company and use up their tax-free allowance that may otherwise be wasted (they can earn up to a single person’s...
The 12 Tax Tips of Christmas – Tax Tip 4

The 12 Tax Tips of Christmas – Tax Tip 4

…. incorporate. The tax rates being what they are now, no matter how much you’re earning, it’s more tax efficient being a limited company (as opposed to Sole Trader/Partnership). You can save lots of tax by paying yourself with a mixture of dividends and salary. As an...
The 12 Tax Tips of Christmas – Tax Tip 3

The 12 Tax Tips of Christmas – Tax Tip 3

…. check out the VAT Flat Rate Scheme. If you are registered, you can save lots of money by being on the Flat Rate Scheme (FRS). The FRS scheme means instead of paying the difference between 20% on sales and 20% on purchases, you pay a flat rate percentage on your...
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