Reducing Corp Tax

[MarillionFan]

I am intrigued as to why someone with 23000 post would be asking such a question or is this the first time you have strayed into accounting/legal from general

I was wondering if there was anything new I didn't know about. For example, I didn't know about the low emissions car.

[Clare@InTouch]

I was wondering if there was anything new I didn't know about. For example, I didn't know about the low emissions car.

Some info here: Tax breaks for low-emission vehicles | Business Link

Obviously keep the BIK in mind, and the fact that it has to be a brand new car to qualify for 100% capital allowances.

Watch out for a sting in the tail if you sell it, as effectively that 100% capital allowance can be clawed back by a balancing charge.

[JamJarST]

I was wondering if there was anything new I didn't know about. For example, I didn't know about the low emissions car.

What does your accountant suggest?

[al_cam]

Take the next tax year off and then backdate the loss you will make against this year's CT payments.

You have obviously worked hard and deserve the break.

[xoggoth]

My corp tax for the next year is going to be around £20k

Aaah! Your'e just boasting again!

[DeludedAussie]

There are quite a few things that can be done

for example are your parents still alive? If so then put them through as employees - Or alternatively open a new company with them as shareholders and directors and you as employee

That way they can take out a 10K salary each and pay you 7K as expenses

There are plenty of ways to structure your affairs to minimse the tax - Its a shame that people who visit this forum always suggest to speak to an accountant (the majoirty of which are simple bean counters)

[Scrag Meister]

Pay a lump sum into a pension (SIPP).

WFBS was my immediate idea, as much as poss without shafting your warchest.
Buying a new laptop/PC/Office Equipment/Going on a course or similar was the next.

But really MF AYCOTBAC.

[malvolio]

There are quite a few things that can be done

for example are your parents still alive? If so then put them through as employees - Or alternatively open a new company with them as shareholders and directors and you as employee

That way they can take out a 10K salary each and pay you 7K as expenses

There are plenty of ways to structure your affairs to minimse the tax - Its a shame that people who visit this forum always suggest to speak to an accountant (the majoirty of which are simple bean counters)

But bean counters who know the law - unlike you.

I suggest you go away and look up "Connected Persons" and S660a.

[psychocandy]

Pay a lump sum into a pension (SIPP).

WHS +1

[psychocandy]

Aaah! Your'e just boasting again!

Deffo willy-waving here!