Business Tax: Using a Company to Save Tax
Using a Company to Save Tax by Lee Hadnum LLB ACA CTA
PUBLICATION DATE: May 2011
PAGES: 138
STATUS: IN STOCK
Updated with all 2011/2012 tax changes
Overview of Using a Company to Save Tax
By running your business through a limited company you can save tens of thousands of pounds in tax and national insurance.
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 or partner allows you to split your income which almost always results in a lower tax bill.
That’s not all. Tax increases that came into force in April 2011 (plus others on the horizon) mean using a company will produce even bigger tax savings in the years ahead!
This tax guide tells you everything you need to know about using a company to legally shelter your hard-earned money from the taxman. The 12th edition has just been published (May 2011) and is completely up to date.
The guide is essential reading for:
• Anyone wanting to escape high income tax rates by using a company.
• All sole traders and partnership businesses.
• Existing company owners who want to pay less corporation tax, income tax and national insurance.
• Anyone starting 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.”
Robert Gemmell – Director, Risk Management Europe Ltd.
What information is contained in Using a Company to Save Tax?
This comprehensive guide is written in plain English. All key points are accompanied by clear, real-life examples. Subjects covered include:
• All tax changes announced in the March 2011 Budget.
• How corporation tax is calculated (the clearest explanation you will find anywhere).
• The benefits and drawbacks of using a company.
• Detailed comparison of corporation tax and sole trader/partnership tax.
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“You can cut your overall tax bill by over 30% using a company!” Tax Busting Tip |
• How to avoid paying a single penny of national insurance.
• How paying yourself dividends can cut your tax by thousands of pounds… every year.
• How to save thousands more in tax by involving your spouse or partner in the business.
• Traps to watch out for when involving your spouse.
• The benefits and dangers of using more than one company.
• How a company can produce massive additional tax savings when you reinvest profits.reinvest profits.
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“By involving your spouse or partner in the company, your tax bill could be reduced by an additional 30%” Tax Busting Tip |
• How corporation tax reductions in 2012, 2013 and 2014 will make companies even more attractive as tax-saving devices.
• Incorporating an existing business… plus how to make sure you pay zero capital gains tax, VAT, and stamp duty.
• When using a company is not recommended and could result in a higher tax bill.
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“By reinvesting some of your profits, you can cut your tax bill by as much as 40%” Tax Busting Tip |
• How to convert from a company back to a sole trader/partnership.
• The tax pros and cons of offshore companies.
• 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.
About the Author of Using a Company to Save Tax
The Author of Using a Company to Save Tax is Lee Hadnum LLB ACA CTA. Lee is a rarity among tax advisers having both legal and chartered accountant qualifications. After qualifying a prize winner in the Institute of Chartered Accountants exams, he also went on to become a chartered tax adviser (CTA). Having worked in Ernst & Young’s tax department for several years Lee now has his own tax consultancy. He is author of a number of our tax guides and provides personalised advice through our popular Question & Answer Service.
Contents of Using a Company to Save Tax
Chapter 1 Introduction
Chapter 2 Non-Tax Reasons for Using a Company
Chapter 3 Company Drawbacks
Chapter 4 Why You & the Company Aren’t Separate
Chapter 5 Company Tax: Pros & Cons
Chapter 6 Corporation Tax in Plain English
Chapter 7 Corporation Tax versus Income Tax
Chapter 8 National Insurance Savings
Chapter 9 Using Dividends to Escape Tax
Chapter 10 Detailed Examples of Tax Savings
Chapter 11 Reinvesting Profits to Make Big Tax Savings
Chapter 12 Recent Tax Changes
Chapter 13 When Using a Company Increases Your Tax
Chapter 14 How to Pay Dividends
Chapter 15 Using Your Spouse for Further Tax Savings
Chapter 16 Incorporating an Existing Business
Chapter 17 Incorporation Checklist
Chapter 18 Transferring a Business Out of a Company
Chapter 19 Offshore Tax Planning
Chapter 20 Conclusion
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