When extracting profits from your business, the tax-efficient use of benefits can save income tax and may also reduce your National Insurance Contribution (NIC) liability. Some strategies which could help to save NICs include: • increasing employer contributions into...
The Annual Investment Allowance (AIA) provides a tax write-off against profits for expenditure incurred on plant and machinery by businesses and owners of commercial property. The AIA is reduced from £1,000,000 to £200,000 from 1 January 2021 and the AIA will be...
Have you considered employing family members in your business? As long as you can justify their involvement, you can employ them in your business. In a limited company, they can be remunerated with a salary, receive benefits, and be included in your company pension...
