Tax Tips

Yousaf & Co. Accountants have a number of great tax tips for you.

The tax tips often require our expert knowledge to be mode relevant to your individual business. Contact us today and let us see if we can save you money!

Savings & Investments

Don't forget the kids! Children are entitled to make £11100 (increased to £11,300 as of 5th April 2017) of tax-free gains in their own name.

Losses

If you let out furnished holiday accommodation and this incurs a loss then you may be able to claim this loss against other income in the year. There are varying conditions surrounding this tax saving.

Benefits in Kind

Consider buying the Company Car and charge your employer for business mileage. No more car or fuel benefit charges. You can charge your mileage at no more than 40p per mile for the first 10,000 business miles in a tax year, 25p per mile over 10,000 miles.

Personal Tax Planning

Call us if you have doubts about the amount of tax requested. HMRC do make mistakes!

National Insurance & VAT

Reclaim input VAT if your employees use a rate per mile to calculate the business use of their private car. Customs and Excise provide a chart that explains the claims procedures.

Estate Planning

Do you have a Nil Rate Band Trust included in your will? This will save Inheritance Tax on the first death.

Capital Allowances

Plant & machinery - Annual Investment Allowance (AIA)

The AIA gives a 100% write off on most types of plant and machinery costs, including integral features and long life assets but not cars, of up to £200,000 per annum. Any costs over the AIA fall into the normal capital allwance pool below. The AIA may need to be shared between certain businesses under common ownership.

Other plant & machinery allowances - The annual rate of allowance is 18%. An 8% rate applies to expenditure incurred on integral features and on long life assets. A 100% first year allowance may be available on certain energy efficient plant and cars.

Property & Loans

Tax Refunds from Holiday Homes! If you buy a property to let as a holiday home the taxman considers this to be a trade. If the rents you collect do not exceed the outgoings, bank interest etc., you can set the loss against your other income and obtain a refund. Bank loan interest cannot be 100% claimed as an expense from 6th April 2017 onwards.

Tax Administration

File your Self-Assessment return on time. Don’t forget, £100 fine if you file your tax returns after the 31 January.

Business Tax Planning

Zero Tax for Small Companies. The zero rate band for small companies was abolished 31 March 2006. After this date the first £300,000 of profits are taxed at 20%. This rate has decreased to 19% with effect from 1st April 2017.

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