Contains all the very latest corporation tax law information
Using a Company to Save Tax
By running your business through a limited company you stand to save tens of thousands of pounds in tax and national insurance every year.
Why? To start with UK corporation tax rates are often much lower than income tax rates. Secondly, company owners can pay themselves dividends, which are taxed much less heavily than other forms of income. Finally, setting up a company with your spouse allows you to split your income which almost always results in a lower tax bill.
This tax guide tells you everything you need to know about the tax benefits of incorporation. It is important reading for:
- Anyone running an unincorporated business: sole traders and partnerships.
- Anyone running a company and wanting to pay less corporation tax, income tax and national insurance.
- Anyone about to start a business.
- Accountants who wish to advise their clients on the tax benefits of using a company.
"I would like to congratulate you on the excellent guide 'Using a Company to Save Tax'. Clearly written and easy to understand. Thank you for making life simpler."
What Information is Contained in the Guide?
Like all Taxcafe guides Using a Company to Save Tax is written in plain English and contains numerous examples and illustrations. Subjects covered include:
- All relevant changes from the March 2008 Budget & the October 2007 Pre-Budget Report.
- Plain-English guide to corporation tax.
- Clear explanation of the latest Budget tax changes.
- Summary of company tax advantages and disadvantages.
- Detailed comparisons of income tax and corporation tax.
- How company owners can avoid paying any national insurance.
- Plain-English guide to how dividends are taxed.
- How dividends can be used to cut your tax bill by thousands of pounds.
- The mechanics of paying dividends and how to stay on the right side of the taxman.
- Detailed examples of overall tax savings enjoyed by company owners.
- How to split income with your spouse to achieve further tax savings.
- Traps to look out for when using your spouse and an explanation of the current legal position.
- How businesses that reinvest some of their profits can save tens of thousands of pounds in tax by using a company.
- How to incorporate an existing business, including how to make sure you pay zero capital gains tax, VAT, and stamp duty.
- The effect of the capital gains tax (and other) changes announced in the March 2008 Budget.
- The tax benefits and drawbacks of using an offshore company.
The guide also contains many useful tables which show the exact tax savings enjoyed by company owners at every profit level. These tables take account of ALL taxes: income tax, corporation tax, national insurance etc.
Click here for a complete list of the guide's contents
About the Author
The author is Lee Hadnum LLB ACA CTA. Lee is a rarity among tax advisers having both legal and chartered accountancy qualifications. After qualifying as a prize winner in the Institute of Chartered Accountants entrance exams, he went on to become a Chartered Tax Adviser (CTA) and worked for Ernst & Young for several years. Lee is the author of several Taxcafe tax guides and a regular contributor to our popular online tax Question & Answer service.
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