Key considerations for a VAT inspection
Preparing for a VAT inspection? Price Bailey's article written by Greg Mayne offers some useful reminders and key considerations.
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.
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Preparing for a VAT inspection? Price Bailey's article written by Greg Mayne offers some useful reminders and key considerations.
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