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Home » Blog » Tips of the trade to reduce tax

Tips of the trade to reduce tax

Category: Self Employed | Jun 9, 2019

Help for the self employed wanting to reduce their annual tax bills

Marriage allowance switch A simple way to reduce the tax liability of one spouse by switching part of the allowance of the other spouse who is earning under £11,000 per annum. There are a few restrictions so talk to us first and we can plan and apply for it on your behalf.

Dividends and salary Taking money out of your limited company has been made more expensive by HMRC. Good planning looks at standard salary extraction that allows for national insurance contributions to be topped up automatically combined with effective split of dividends with a spouse or other family member if conditions are right.

Hybrid or electric cars HMRC are planning to increase the tax relief available on hybrid and electric cards from 2019. Technology is changing rapidly and with good planning it may be a good time to look at investing in one of these vehicles as a company car. Tax impact of the gas guzzling company cars continues to be very punitive but this new approach presents a workable alternative.

Tax relief for R&D investment One area of tax relief that needs more publicity is research and development. Many small businesses are involved in great innovation and forget that their processes in getting to a new product or service qualify for R&D tax relief. So if you or another company you work closely with are involved in any of the area’s below contact Beans and we will guide you on the opportunities to reduce your tax

Every quarter we publish a newsletter full of tax tips and updates that aim to save our clients tax money and form the basis for the discussions we regularly have with our clients. Here are a small selection from our Autumn newsletter.

At Beans tax advice and planning for clients is part of fee, we don’t get you on the clock and send you an unexpected bill. We pride ourselves on straight answers to questions and if we don’t know we find out. That support by the way extends to family, friends and rewards you our brilliant clients for your support and loyalty.


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