Holden Associates – Accountants & Business Advisers Blog

With the ongoing economic pressures I thought today I would give away a few simple yet effective tax saving ideas:

• Make use of spouses personal allowances
• Are you eligible to claim tax credits
• Consider the Flat Rate VAT Scheme
• Consider paying additional pension premiums
• Consider using Tax Free childcare vouchers
• Make sure you are claiming VAT back on Mileage claims
• If you are a sole trader or partnership would a Limited Company structure be more appropriate
•  Bookkeeping – keep proper and up to date records and claim for everything
• Ensure your tax planning is up to date – have you got a tax efficient will?
• Staff entertaining, did you know you can spend on staff entertaining tax and benefit free?

Only a few ideas, but every little helps in these tough times.