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PJW Accounting - FSB Talk August 2016

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PJW Accounting - FSB Talk August 2016

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PJW Accounting - FSB Talk August 2016

  1. 1. ‘Top 5 ways to Save Tax?’ By Paul Woodcock BA (Hons); FCA www.pjwaccounting.uk
  2. 2. Who am I? www.pjwaccounting.uk
  3. 3. 5 top saving ideas 1. Use your family 2. Get your VAT right 3. Use of home as office 4. Use of vehicle 5. Entertaining www.pjwaccounting.uk
  4. 4. 1. Use your family a) The spouse www.pjwaccounting.uk
  5. 5. How? www.pjwaccounting.uk • Salary • Dividend
  6. 6. b) The children www.pjwaccounting.uk
  7. 7. Whats the rule? www.pjwaccounting.uk • BIM47105 - where there is "'equal pay for equal value' the amount paid is fully allowable, notwithstanding any connection between payer and recipient”
  8. 8. What about IHT? www.pjwaccounting.uk
  9. 9. How does the family help? www.pjwaccounting.uk • Spousal exemption • Main residence relief
  10. 10. 2. Getting your VAT right www.pjwaccounting.uk
  11. 11. Main errors www.pjwaccounting.uk • Not registering • Flat rate scheme • VAT on subsistence and travel • VAT on home office expenses • Thinking it’s too much administration
  12. 12. 3. Use of home as office www.pjwaccounting.uk
  13. 13. 3. Use of home as office www.pjwaccounting.uk • Who can claim it? • How is it calculated? • What costs should be included • Claiming when you already have an office • VAT on home expenses • Setting up a licence agreement with a limited company
  14. 14. 4. Use of vehicle www.pjwaccounting.uk
  15. 15. 4. Use of vehicle www.pjwaccounting.uk • Self employed – 2 options • Limited company – 2 options • VAT on petrol claims – keep receipts
  16. 16. 5. Entertaining www.pjwaccounting.uk
  17. 17. 5. Entertaining www.pjwaccounting.uk • What is entertaining and is it allowable? • Let’s turn entertaining into something else? • Subsistence! • Advertising! • Cost is tax deductible and VAT allowable.
  18. 18. ‘Thank you for listening’ www.pjwaccounting.co.uk

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