Tax saving tips.
- Remember to pay your spouse if they are helping with your business, especially if they are not using their tax allowances or you are in the upper rate of tax. Everyone can earn £11,850 tax free this year.
- If you are a limited company always use your company pension scheme. Not only is this a tax efficient way of saving, the government also contribute.
- If you are working from home, always claim a nominal amount of “use of home” for tax relief.
- If you or your employees are using a personal car for business remember to reimburse mileage at 45p per mile (for the first 10,000 miles and then 25p after), as again this is tax deductible.
- If you use a mobile phone for business, put the phone in the company name and again claim tax relief.