- Ensure that you are taking the money out of your business in as tax efficient a manner as possible. Taking money out of a limited company by a combination of salary and dividend can give a better tax result than salary alone. There are other strategies that give even better results.
- If you don't operate as a limited company consider whether you would save money if you did. There is often still a fairly big advantage in operating as a company, in terms of what you get to keep in your bank.
- Pay your spouse a tax efficient salary. As long as a salary can be justified, in terms of the work done, and it is actuallly paid, this is a good way to use tax allowances etc that would otherwise be wasted.
- Alternatively consider taking your spouse into partnership. Again providing the spouse's share is justified and there is a "real" partnership it is a good way to maximise tax allowances and bands.
- The tax savings that can be made by investing in pensions are still substantial. As long as the traps are avoided there are still large amounts to be saved. I appreciate that not everybody finds this type of investment attractive but we will all need a pension in retirement.
Thats probably enough to be going on with at the moment. More soon.
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