IR35 3 years on
In our latest article, we look back at IR35 three years after the last rule changes were introduced in April 2021, and consider recent data that suggests the current rules may be forcing many out of the UK labour market.
In reality, there are only five ways to save income tax
In reality, there are only five ways to save income tax:
If you want to keep your tax bill to a minimum, ongoing tax planning can make a big difference. So make sure you talk to your accountant or independent financial adviser in good time.
You can reduce your taxable income in many ways – such as leaving your income in a trading company or borrowing against it, managing your benefits efficiently, or moving your capital to an investment company.
Gifts to charities and pension contributions are just two of the best-known payments that can generate tax relief. But there are many more. These include capital and lease allowances, and expenditure on R&D, land remediation or low emission cars.
No amount of minimising your taxable income or increasing allowances will help if you fail to complete your tax return properly. Keeping good records and getting the order right will help. In most cases, it’s best to use an accountant.
There’s a long list of common mistakes claimants make. Transferring income to others, especially minor children, overpaying gift aid or using assets that have been given away are among them. There are many more, but most important of all is to ensure you file on time and pay on time.
Contact us today to find out more about how we can help you
In our latest article, we look back at IR35 three years after the last rule changes were introduced in April 2021, and consider recent data that suggests the current rules may be forcing many out of the UK labour market.
Have you recently received a letter from HMRC asking about your overseas assets, income or gains? In this article we provide guidance on how best to proceed in such cases.
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