More Saving

More tax saving tips.

1. Consider whether you are paying National Insurance Contributions needlessly. If you are a trader making low profits (below £5,315 currently) or even losses you can claim exemption from paying the weekly self employed contribution of £2.50.


2. Consider the tax benefits of converting business loans into personal loans or vice versa. As long as the circumstances are correct, many personal loans used for business purposes qualify for tax relief.


3. If you are a sole trader or partnership, consider making key employees partners to save National Insurance and tie them to the business.


4. Make sure you claim tax relief for losses on shares. In many cases, it is possible to clain income tax relief, not just capital gains tax relief.


5. Consider the timing of capital purchases to ensure that capital allowance claims are maximised.