We summarise some of the key tax planning consideration for Limited Companies:
- Salary and/or dividends
- Mobile phone contract in companies name
- Use of Home as Office
- Company Pension Contributions if excess profits building up
- Travel being claimed is ok - 24 month / 40% rule
- Subsistence - claiming lunch costs as long as travel is allowable
- VAT - if not registered are you approaching the registration threshold.
- VAT - flat rate scheme - also check threshold at which you have to come off FRS
- IR35
- Spouse involvement
- Company cars, generally not tax efficient, electric cars can be an exception as can vans
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