Do you have a tax accountant? If not, you should. Why? Because our job is to reduce tax liability. And it doesn’t matter if you’re a one-man band or small, growing company. We’re here to help business owners of all sizes reduce their personal and corporate tax liability. Read some of our client testimonials here
And unlike other tax accountants, we promise not to blind you with science. We know that most people don’t want to know the ins and outs of savings tax or how to reduce corporation tax, they just want to be confident that they have a great tax accountant who is helping them pay as little on tax as possible. It’s why over the last few years working as tax accountants in Aylesbury we’ve built up great relationships with clients of all shapes and sizes.
Over the years, we’ve successfully provided our clients around Aylesbury with both business and personal tax advice on how to reduce corporation tax and their personal tax liability. Here are just some of the areas where we could help you:
1. Reducing Corporation Tax: you’d be surprised how many people don’t know that less profit = less tax to pay and there are a number of incredibly easy things you can do to help reduce your final bill. Give us a call, and we’ll be more than happy to help.
2. Decrease the amount of tax on savings: did you know most people can earn some interest from their savings without having to pay any tax? The starting rate for savings will depend on the amount you earn from income, but get in touch and we can talk through how to pay less tax on savings.
3. Maximise your taxable savings: pensions, ISAs, Junior ISAs, just a few ways in which you can make the most of taxable savings. We’ll happily advise you on what would work best for you and what steps you need to take next.
4. Reduce tax liability: taxes are a given, but we will advise you on the best way to manage both your income and investments so that you only pay the minimum amount of tax required by law.
Book a free initial tax consultation to understand how we can help you.
If you’re an Aylesbury based business, they why wouldn’t you want to use accountants in Aylesbury? Yes, we know everything can be done online, but we believe that the only way to help you reduce tax liability is to thoroughly get to know you. This helps ensure we never lose sight of you or your business goals. And it doesn’t matter if you’re a one-man band or bigger; we’re here to help you and your business reduce tax liability and identify how to reduce corporation tax.
Surprising ways a tax accountant can help you save money One of the best things about being a tax accountants in Aylesbury is introducing our clients to new ways to make taxable savings. Some are really obvious, such as making pension contributions through your company but some prompt a genuine aha moment. Here are two of our favourite ways of how to reduce corporation tax with very little effort.
Get HMRC to pay you interest Did you know that if you pay your Corporation Tax early, HMRC can pay you an interest rate, known as ‘Credit Interest’, which currently stands at 0.5%. The earliest HMRC will pay interest from is six months and 13 days after the start of your account period with the interest accumulated from the date you pay your Corporation Tax to the payment deadline.
Claim your business expenses How many times have you forgotten to claim for a train ticket or not made a note of how many miles you drove to that meeting? Over the course of the year, these all start adding up, leaving you seriously out of pocket. The only rule you have to remember on business expenses is that anything claimed must be entirely for business use. And if in doubt, take a look at this ‘useful guide’for the self-employed from HMRC, or contact us to discuss your current situation.
As well as making sure you pay as little corporation tax as possible, we will submit the returns for you, so you don’t have to worry about a thing.
At Palmers Business Support we’ll help you understand all the ins and outs of savings tax and make sure you only pay the minimum amount possible.
We’ll ensure you’re clear about the information you need to provide and what you can claim against the tax.
We’ll help you maximise your taxable savings by identifying what options would work best for you.
Learn more about other accounting and business growth services we offer on our website here.
Adam and the team are incredibly patient! As I found my feet they continue to be a huge support to the business now.
Everything is explained in plain English and offers no-nonsense pragmatic advice. I have no hesitation in recommending Palmers to anyone in similar circumstances
Since setting up 2 years ago, the service I have received from Adam and Palmers Business Support has been exceptional and professional at all times.
The embracement of new, cloud based, technologies has meant that I have been able to control the finances of my business with ease.
When we decided to start a new business venture and buy the freehold to our local pub, the advice and guidance Adam gave us was invaluable.
From advising on the right structure for our business, to setting up our operation and securing a significant VAT refund, Palmers has been instrumental in ensuring we have the thriving business we have today.
Book a free initial consultation with Palmers to understand how we can help you.
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Few people realise it’s much more tax efficient to make pension contributions through their company. Why? Because not only is the contribution not subject to personal tax, it’s also an allowable small business expense which means it isn’t subject to corporation tax either. Learn more about how to make pension contributions.
If you run a business, then you can spend up to £150 per head per tax year on annual functions such as a staff Christmas party or summer BBQ. Costs can include food, drink, tickets to events, accommodation and taxi fares and also applies to any ‘partners’ invited along. Just make sure all events are open to all employees, otherwise it will be taxable.
Each year, you get an Annual Gift Allowance, which means you can give away assets or cash up to total of £3,000 without incurring Inheritance Tax. You can also use up any of last year’s unused allowance.
And did you know there is also a Small Gifts Allowance? This allows you to give up to £250 to anyone each year without being subject to inheritance tax. Great idea for the grandchildren!
Book a free initial consultation to see how we can help.