Chartered Accountants of Poynton, Cheshire
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Tax Tip
When you buy new equipment for your business, ask whether
it is energy or water efficient.
Check the list on www.eca.gov.uk to see if you could get
a 100% deduction fo the cost in the year of purchase.
On-line filing
Every year, employers are required to send details of the salaries, tax
and National Insurance deducted from their employees.
These year-end
returns have to be submitted by 19 May 2007 to avoid a fine.
These documents can be submitted on-line via the internet.
We can
assist
you in this process. If you are a small employer (less than 50 employees)
and you file on-line, HMRC will pay you £150 tax-free
if you
file on time for 2006/07.
Company Vans
There has been a big change to the taxable benefit due
on vans.
Where
an employer provides a van for an employee, which they can
use for private
journeys, the taxable benefit from 6 April 2007 becomes £3000
per annum.
This taxable benefit is not levied if the private
use is merely
incidental.
HMRC have given some guidance on what is incidental
but this
is not exhaustive so we will be pleased to advise on
the situation if
you are providing vans that can also be used for private
journeys.
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Saving you money is our Business
Accountants at Appletons have stopped literally millions
of pounds going to the taxman!
We're still doing it - it's our No.1 business and
we can do it for you too.
Six business and saving pointers
When our customers avoid tax by our work we get a
great sense of job satisfaction.
For those people in their 30s and 40s, perhaps now
breadwinners for the family, and in mid-career or running
a business, there are a wealth of planning ideas to
help you avoid tax.
Consider the following six strategies before the year
end:
- Sharing your wealth with your spouse or partner,
by splitting capital and income to take maximum advantage
of tax allowances and rates.
- Drawing up a business
exit plan, which includes profit maximisation,
business structure, valuation, disposal, retirement
planning and investment strategies.
- Restructuring
your personal and business debt. Is it time to
review your loan arrangements or pay off your credit
cards?
- Are you investing in a pension policy or pension
scheme, and if so should you maximise the amounts
you and your employer invest?
- Investigating the
range of tax-efficient investment products on offer,
including ISAs, pensions, property, and schemes
such as the Venture Capital Trust and the Film Finance
Scheme.
- Conducting a business healthcheck. Is your
business structure tax efficient? What could you
do to improve profitability?
We can help you to attain your personal and business
goals, by identifying areas where a small change could
make a big difference.
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