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SELF EMPLOYED INDIVIDUALS AND PARTNERSHIPS

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  • Capital Expenditure ( is time apportioned and this impact on the tax relief) https://www.gov.uk/guidance/annual-investment-allowance-limit-changes-during-accounting-periods

  • Revenue Expenditure (any expenditure should be brought forward prior to the year end to maximise the tax savings) https://www.gov.uk/capital-allowances

  • Stock and Work in Progress (valued at cost price, if the value is less then cost it can be valued at ‘net realisable value)

  • Bad debts (Hmrc allows the write off of debt for tax purposes where specific debts have been identified)

  • Involving family (a payment of up to 987.50 per calendar month will not create an income tax liability or NIC. As well as salary you can pay an employer’s contribution to your partner’s personal pension plan. There is no tax or NIC’s on the payment itself.

Alternatively you could plan ahead to share the profit of your business by operating as partnership.

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PERSONAL TAX PLANNING

SELF EMPLOYED OR PARTNERSHIP

COMPANY DIRECTOR

PROPERTY OWNERS

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START UPS

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YEAR END CHECKLIST

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