Are You Paying Too Much Tax?

The tax legislation contains many allowances and reliefs that will help you to minimise your tax liabilities.

The Inland Revenue do not advise you on how to organise your affairs to minimise the amount of tax you pay. If you do not have detailed knowledge of tax legislation and you are looking to make tax savings, you should seek professional advice.

Here are some tax tips to provide general tax saving strategies :-

• Employing a spouse in your business - if you are self employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary.
  
  
• Are you selling that second or third home and want to reduce any capital gains tax that you may need to pay? The garden shed and other fixtures and fittings are treated as wasting chattels for Capital Gains Tax, i.e. when you sell them there is no tax to pay.
  
  
• Providing you are not a director, it may be possible for a company to lend an employee up to £5,000 with no tax complications.
  
  
• If you claim tax relief for the use of a room as an office you can avoid any possibility of Capital Gains Tax on a sale of your home if you make sure that the room is not used exclusively for business.
  

Whatever your tax planning needs we will endeavour to find a tax saving scheme to suit your circumstances.

Taxation and Accountancy Services in Glasgow

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