The Business Exchange Swindon & Wiltshire Edition 33: Oct/Nov 2017 | Page 34

BUSINESS ADVICE
Something for nothing at Haines Watts
The team at Haines Watts Swindon are offering a free downloadable tax
tips guide to help the busy business owner navigate the world of tax.
Tax expert Martin Gurney said: “Tax is
complex and, for most business owners or
company directors, time is short. Our guide
picks out headline tax tips and provides
clear explanations of how they’ll affect
both a business and a business owner’s
personal circumstances.”
The guide covers areas such as choosing
a business structure, the tax regime, capital
allowances, tax free savings, buy to let,
entrepreneurs’ relief, investors’ relief and
preserving inheritance.
Some of the tips around businesses
include:
• If you operate as a limited company,
there is a legal separation between
you as the owner and the company
itself. This means you cannot use the
company bank account as if it were your
own! This requires a certain amount of
discipline without which all kinds of legal
and tax related difficulties can occur.
• In most small companies, directors and
shareholders are one and the same and
can choose the most tax efficient way
to pay themselves. Using dividends can
result in savings in NICs. However this
needs to take account of the Dividend
Allowance and dividend rates of tax.
The government has announced plans
to reduce the Dividend Allowance from
£5,000 to £2,000 from 6 April 2018 so
careful planning is required.
• When you first register for VAT you can
reclaim input tax on goods purchased
up to four years prior to registration
provided they are still held when
registration takes place. VAT on services
supplied in the six months prior to
registration may also be reclaimed.
Martin said: “This guide is designed
to educate business owners about tax,
VAT and their business and personal
responsibilities and liabilities. Good practice
in tax matters means planning is key and
we can help business owners assess their
current situation and plan effectively –
taking into account legislative changes we
know are coming into effect in the near
future.”
“Good practice in tax
matters means planning
is key and we c