| 1.
|
Consider setting yourself up
as a company, as Corporation Tax is chargeable at only
19% for profits of up to £300,000.
|
| 2. |
Pension payments are usually
100% tax deductible.
|
| 3. |
Consider running your own car
and charging your employer the Inland Revenue tax-free
mileage rates.
|
| 4. |
Consider transferring assets
to your spouse so that they can utilise the annual capital
gains tax exemption of £8,800.
|
| 5. |
50% capital allowances available
on plant and machinery.
|
| 6. |
If you are a company director,
consider taking dividends as opposed to a salary.
|
| 7. |
If justifiable, and your spouse
does not work elsewhere; consider adding her wage into
your accounts.
|
| 8. |
Consider using a Self Invested
Personal Pension Scheme (SIPPS) or a Small Self administered
Scheme (SASS) to buy your office or factory in order to
make it tax deductible.
|
| 9. |
Consider delaying the sale of
a business asset until after you have owned it for two
years.
|
| 10. |
Pension legislation changed with
effect from 5th April 2006 allowing individuals to make
annual contributions up to £215,000
|
