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101 Ultimate Tax Secrets Revealed 2014/15

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101 practical tax-saving tips on reducing your tax liability and increasing your profits.

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101 Business Tax Secrets Revealed 2014/15

Sarah Bradford of Tax Insider

business tax secrets

101 practical tax-saving tips for business owners and entrepreneurs.

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Valid in the UK
RRP: £29.99    Web Price: £12.99    You Save: £17.00
Page Length: 164
Edition: 3rd
Published: April 2014
Valid in the UK
RRP: £29.99    Web Price: £9.99    You Save: £20.00
Page Length: 164
Edition: 3rd
Published: April 2014
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File Size: 583 KB

101 Business Tax Secrets Revealed:

A book of 101 practical tax-saving tips for business owners and entrepreneurs, from the tax experts at Tax Insider, that gives you all the tax-saving tips you need to minimise your tax-burden.

This expert book covers (see the contents tab for more details):

  • Business structure
  • Finance and investment
  • Early years
  • Deductions for business expenses
  • Deductions for capital expenditure
  • Extracting profits from a family company
  • Employing people
  • Using losses
  • The end of the business

Available in both paperback and as a PDF eBook download.

101 Business Tax Secrets Revealed (2014/15): Contents

Chapter 1: Business Structure

  1. Choose the Right Structure for your Business
  2. Choose which Taxes you Pay
  3. Take Advantage of the Veil of Incorporation
  4. Save Incorporation Costs
  5. Create Different Categories of Shares in a Limited Company
  6. Keep Administration Costs Low
  7. Keep all Business Profits for Yourself
  8. Maximise the Skill Base
  9. Agree the Split of Partnership Profits and Losses
  10. Consider Purchasing an Existing Business
  11. Run a Franchise

Chapter 2: Finance and Investment

  1. Prepare a Business Plan
  2. Choose the Right Finance Option for your Business
  3. Secure Tax Relief on Loans to a Close Company
  4. Borrow Money to Buy Partnership Assets and Obtain Tax Relief for Interest
  5. Beware the Return of Funds Trap
  6. Tax Relief for Business Borrowings
  7. Take Advantage of the Enterprise Investment Scheme
  8. Attract Investors under the Seed Enterprise Investment Scheme
  9. Attract Investment from a Venture Capital Trust

Chapter 3: Early Years

  1. Register with HMRC and Avoid Penalties
  2. Choose your Accounting Date
  3. Choose your Corporation Tax Payment Date
  4. Consider whether to Register for VAT Voluntarily
  5. Save Work by Joining the VAT Flat Rate Scheme
  6. Carry Back Early Year Losses
  7. Choose the Method of Relief for Early Year Losses
  8. Extend the Loss to Capital Gains
  9. Consider not Claiming Capital Allowances
  10. Claim Relief for Pre-Trading Expenditure
  11. Claim Relief for Capital Expenditure Incurred before the Start of Trading

Chapter 4: Deductions for Business Expenses

  1. Claim a Deduction for all Allowable Business Expenses
  2. Claim a Deduction for the Business Element of Dual-Purpose Expenses
  3. Don’t Overlook Common Expenses
  4. Use Milege Rates to Save Work
  5. Use Actual Costs rather than Fixed Rates 
  6. Home Office: Deduction for Business Use (Fixed Costs)
  7. Home Office: Deduction for Running Costs
  8. Business Use of Home: Fixed Deduction
  9. Business Premises used as a Home: Statutory Deduction
  10. Deduction for Uniform or Protective Clothes
  11. Deduct Allowable Travel Expenses
  12. Claim a Deduction for Training Costs
  13. Allowable Entertaining Costs
  14. Deduction for Business Gifts
  15. Claim Relief for Bad Debts
  16. Deduct the Cost of Professional Subscriptions
  17. Deduct Incidental Costs of Loan Finance
  18. Insure the Key Person
  19. Write off Small Capital Items
  20. Don't be Tempted to Deduct Personal Items

Chapter 5: Deductions for Capital Expenditure

  1. Obtain a Deduction for Capital Expenditure
  2. Capital Allowances must be Claimed
  3. Obtain Immediate Relief for Capital Expenditure
  4. Claim WDAs instead of AIA
  5. Tailor your Claim
  6. Capital Allowances and Losses
  7. Time your Capital Expenditure
  8. Claim Capital Allowances for Mixed-Use Assets
  9. Buy a Green Car and Claim FYAs
  10. Choose Lower Emission Cars for Higher Capital Allowances
  11. De-Pool Short Life Assets
  12. Write off Small Pools

Chapter 6: Extracting Profits from a Family Company

  1. Don't let the Tax Tail Wag the Dog
  2. Pay a Small Salary to Preserve State Pension Entitlement
  3. Use the EA to Pay a Higher Salary
  4. Remuneration or Dividend?
  5. Pay Dividends up to Basic Rate Limit Each Year
  6. Extraction or Accumulation?
  7. Utilise Shareholders’ Basic Rate Bands: Different Classes of Shares
  8. Timing of Dividends
  9. Anticipated Profits
  10. Bonus or Salary?
  11. Loss-Making Companies
  12. Employing Family Members
  13. Beware the NMW Trap
  14. Pay Pension Contributions
  15. Tax-Free Benefits and Expenses
  16. Pay Interest on Account Balances
  17. Making Loans to Directors
  18. Small Loans to Directors
  19. Loans Written off
  20. Extract Profits in the Form of Rent
  21. Capital versus Income
  22. Not a Limited Company – Incorporate?

Chapter 7: Employing People

  1. Pay PAYE Quarterly
  2. Pay PAYE on Time
  3. Use Salary Sacrifice Arrangements
  4. File Returns Online to Avoid Penalties

Chapter 8: Using Losses

  1. Loss Relief Options for the Self-Employed
  2. Carry Back a Trading Loss for Corporation Tax Purposes
  3. Timing Disposals to make Maximum Use of Capital Losses: Companies

Chapter 9: The End of the Business

  1. Plan Your Exit Strategy
  2. Claim Entrepreneurs' Relief
  3. Husband and Wife and Entrepreneurs' Relief
  4. Gift Hold-Over Relief
  5. Overlap Relief
  6. Terminal Loss Relief: Individuals
  7. Terminal Loss Relief: Companies
  8. Post-Cessation Receipts And Expenses
  9. Considering Disincorporation? Limited Window for Disincorporation Relief
  10. BONUS TIP: Reclaiming VAT after you De-Register

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