- More Tax Relief Private Cars If your employer does not pay you the full rate for the use of your car for his business, you may be entitled to more tax relief. Give us a call and we will make a claim for you.
- Business Gifts up to £50 are now allowed providing the gift is not food, drink or tobacco. The gift must also bear a prominant advert or logo!
- Claim up to a possible 100% tax allowance if your business invests in any plant or other equipment from April 2008.
- Include a claim for a proportion of your mortgage interest, as well as cleaning, gas and electricity, if you work from home.
- Donate money personally to your favourite charity under a Deed of Covenant and the Charity can increase your giving by claiming a refund from the Inland Revenue. Also, if you pay tax at higher rates you will gain a tax advantage.
- Subscribe to a professional organisation and you may be able to claim a deduction for income tax purposes. Relief will be given providing the organisation is on the Inland Revenue approved list.
- Pay your own car running costs and claim for your business mileage at the Inland Revenue approved rates. Expenses claimed in this way are tax-free! From 2007/2008 the rates are 40p per mile for the first 10,000 business miles, thereafter at 25p per mile.
- Claim an allowance for any shortfall between the rates per mile your employer pays you for the business miles you travel in your own car and the approved Inland Revenue rates. Rates are as noted in the previous paragraph for payments from April 2007.
- Payment of wages to your spouse must be commercially justifiable (an agreed number of hours at a commercial rate), and the payments must be evidenced in the business records, i.e. regular wage cheques should be drawn. Annual adjustments to the accounts will not be allowed!
- Claim a flat rate allowance if you bear the cost or upkeep of work tools or special clothing. Ask the Inland Revenue for the agreed allowance for your trade.
- Organise a tax-free trip for your spouse. If you are unable to travel abroad on business unaccompanied due to ill health, your employer should pay no tax on your spouses expenses reimbursed. Quote Inland Revenue concession A4 (d).
- Consider granting yourself a long service award, tax free, for 20 years or more of continuing employment in your own business. You have to take the award in goods, how much are those golf clubs? Quote Inland Revenue concession A22.