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Tax advice small business owner

Discussion in 'Business Discussions' started by markb, Feb 27, 2016.

  1. bonusmedia

    bonusmedia Well-Known Member

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    Also very useful, cheers Edwin! Looks like I can save a fair chunk of corporation tax
     
  2. Domain Forum

    Acorn Domains Elite Member

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    IWA Meetup
     
  3. pberry4032 United Kingdom

    pberry4032 Active Member

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    I'm not sure this reduces CT, I did ask the question and can't remember.

    I can always ask my accountant as he's very good. The whole form are.
     
  4. bonusmedia

    bonusmedia Well-Known Member

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    It would make sense for employer's contribution to be treated as a deductible expense just like salary
     
  5. Edwin

    Edwin Well-Known Member

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    • Like Like x 1
  6. pberry4032 United Kingdom

    pberry4032 Active Member

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  7. Edwin

    Edwin Well-Known Member

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  8. accelerator United Kingdom

    accelerator Well-Known Member

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    Hey, why be concerned about paying tax, just think about all those poor bankers whose holiday villas you will be helping out with.
     
  9. Edwin

    Edwin Well-Known Member

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    Tax planning is more relevant in our industry than most because incomes can yo-yo up and down like crazy because of a big sale or a long dry spell... There are no certainties in domaining, except uncertainty!
     
  10. baldidiot United Kingdom

    baldidiot Active Member

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    Could even be part of hmrc's plan - this is going to be a bumper year for tax receipts. I've always thought they should just have a flat rate tax for dividends, the tiered system just encourages people to retain profits.

    As a side note for anyone planning on taking out significantly more than they normally do this year, don't forget that it will affect your payment on account in July 2017 - so if you drop your dividends back down in 2016 you'll probably want to file an adjustment, otherwise you'll get hit with a massive bill for income you've not received which you'll then have to claim back.

    [not official tax advice - go talk to an accountant]
     
  11. humble pie United Kingdom

    humble pie Banned

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    Sorry to hijack slightly - does anyone here use a SIPP?
     
  12. pberry4032 United Kingdom

    pberry4032 Active Member

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    Not yet but have talked about it for buying a business property
     
  13. martin-s United Kingdom

    martin-s Well-Known Member

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    Yes, but not a 100% flexible one. Mine's with www.hl.co.uk
     
  14. humble pie United Kingdom

    humble pie Banned

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    Trouble is with another global recession around the corner, I'm a bit skeptical about who underwrites these products.. will continue sticking it under mattress like a git.