Barnard Castle Phone: 01833 630400 Shotley Bridge Phone: 01207 507000

Tax Checklist

2013/14
Tax Busting Checklist

(Updated 27 March 2013)

This is our tax checklist – have a look through it and see what relates to you? There may be matters on the checklist that you can benefit from and had not realised. Not everything will apply to you but it will make you think about all your tax affairs and what could work better for you. The checklist may help you to reduce tax on either a personal or business level. Once you have had a look at the list then it may be worthwhile contacting us here at the office to discuss your own circumstances and requirements.

If you would like to download the PDF version of this checklist to fill in, please click on this link:

Download Tax Checklist

Business planning, especially if you have a Limited Company

Has your Accountant mentioned this?
20 Make sure you extract money from your limited company in the most tax efficient way. Look to use dividends to avoid national insurance charges. Often the best route is a mixture of a low PAYE salary and dividends. Yes No N/A
21 If you pay regular dividends do you ensure they are correctly recorded with board resolutions and dividend vouchers to ensure there is no danger of the Revenue trying to reclassify them as loans, or even salary? Yes No N/A
22 If you are purchasing goodwill, which can be a large amount, to get tax relief you need to operate through a limited company and not as a sole trader or partnership? Yes No N/A
23 Have you looked at the rate of corporation tax you are paying and taken all necessary steps to minimise this? Did you know that on the first £300,000 of profits you pay tax at 20% but from there up to £1,500,000 that rate goes up to 23.75%. These limits are divided by the number of associated companies which are under your control. Yes No N/A
24 Have you looked at making a senior employee, a partner in the business? This can save lots of employers’ national insurance on their salary, and provide additional incentives to work hard for the business. Yes No N/A
25 Have you looked to see if you can extract money from your company tax efficiently by paying yourself royalties or interest, or by selling an asset to the company to use up your Capital Gains annual exemption? Yes No N/A
26 If you own the business property, have you looked at whether it is better to hold it personally or in the company?/td> Yes No N/A
27 If your limited company provides your personal services to only a few customers be aware that IR35 could make the company liable for national insurance and PAYE on 95% of the money you earn for the company. Make sure you have taken the necessary steps to avoid IR35 applying to your contracts. Yes No N/A

 

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2014 Teesdale Business Awards

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Our Offices

  •  

    7 Newgate
    Barnard Castle
    County Durham
    DL12 8NQ

  • Shotley Bridge Office

     

    7 Front Street
    Shotley Bridge
    Consett
    County Durham
    DH8 0HH 

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