In the current economic climate every penny really counts. It is therefore important to make sure that you not only mitigate your risk of HMRC challenging your tax affairs, often leading to addition tax, interest and penalties, but also invest that little bit of time to ensure that you utilise as many of the legitimate tax savings available to you as possible.
In our experience of the corporate market there are a large number of employer benefits which, when combined can significantly reduce the tax liabilities of the owner managed company proprietor. The implementation of these measures not only saves you tax but will often demonstrate to HMRC that you are in control of your tax affairs which can in fact reduce your risk of future compliance audits by HMRC.
Some simple measures can be put in place such as paying any of the following:-
- Home working allowances
- Broadband and telecommunication costs
- Correct appliance of travel and subsistence
- Home office costs
- Work related training
which if done correctly can really make a difference to your overall tax bill. This is before you tackle any of the larger more complex areas such as IR35, which in themselves can have monumental effects on your personal tax bills.
We would love to help reduce your tax bill and as such if you would like further information then please do give us a call.
