101 Ways to Pay Less Tax (2013/14):
Revised and updated in line with the 2013 Budget for this new eighth edition.
Pay less tax this year by lowering your tax bill with this book of easy-to-follow "how to avoid tax" hints and tax saving tips from a team of pay-less-tax experts.
This new 2013/14 edition of the bestselling 101 Ways to Pay Less Tax provides a wealth of tips to help you save paying tax. Every tax-saving tip is from a team of tax-saving experts at H M Williams Chartered Accountants, a national award winning tax-saving specialist firm of chartered accountants.
The tax-saving tips included in this book are all legitimate ways to help reduce your tax bill - that is, showing you how to avoid tax rather than evade tax. And there's so much you can legally do to reduce your tax bill and pay less tax.
With tax-saving tips relating to:
- Tax-saving for those with low incomes
- Even more tax-saving for those with high incomes
- Pensioners and tax
- Tax and Employees
- Business tax and Employers
- Company cars and tax-saving
- Business tax: Running a business and avoiding tax
- National Insurance
- Capital Gains Tax
- Inheritance Tax
- Tax: Overseas aspects
- Tax saving when someone dies
- Pensions and avoiding tax
- Property Tax
- Pay less tax: Savings
- Charitable giving and avoiding tax
- Tax, Marriage and children
Start to pay less tax NOW with 101 Ways to Pay Less Tax (2013/14).
About the Authors
Authors Ashley Smith, Tim Smith, Iain Watson and Hugh Williams are all accountants at HM Williams Chartered Accountants and have been winners of the prestigious Butterworth Tolley Best Tax Team Award. The firm has also been awarded the coveted Daily Telegraph/Energis Customer Service Award in the Professional and Business Services, Small Organisation category. In 2007, it won the 2020 award for the most innovative medium-sized UK accountancy practice.
Other Tax-Saving Guides from Lawpack:
101 Ways to Pay Less Tax (2013/14): Contents
General principles of tax planning
- Working Tax Credits
- Child Tax Credits
- Universal Credit
- Use an accountant
- Pay tax on time
- The fundamentals of tax planning
For those with low incomes
- Become a foster carer
- Claim tax back on any interest you receive
For those with high incomes
- The Enterprise Investment Scheme (EIS)
- Seed Enterprise Investment Scheme (SEIS)
- Venture Capital Trusts (VCTs)
- Community Investment Tax Relief
- Maximise pension contributions
- Use all your pension allowance
- What income is free from tax?
- Pension contributions and the over 50s
For married couples and civil partners
- Equalise your incomes
- Pay your spouse to work in your business
- Claim a flat-rate expense allowance
- Professional subscriptions
- Claim incidental expenses when travelling on business
- Claim expenses against your employment income
- Claim for the use of your home as an office
- Submit your Tax Return on time
- Join the company pension scheme
- When losing your job
- Would you pay less tax if you went self-employed?
- Moving because of your job?
- Short-term employment contracts
- Share schemes
- Tax-free benefits you can give to employees
- Tax-free loans to employees
- Vans have some tax-saving attractions
- Company cars
- The best (and worst) ways of providing company cars
- Claim approved mileage allowance payments for your car
- Avoid the fuel tax charge
- Own your own car rather than using your employer’s
For those running their own business
- Travelling expenses
- Limited companies
- Introduce goodwill to create a large director’s loan account and pay very little tax
- Don’t automatically reclaim VAT on fuel
- The flat-rate VAT scheme
- National Insurance
- Annual Investment Allowance and First-Year Allowances
- The benefit of short-life assets
- Use your business’s losses
- Have you claimed for all your business expenses?
- Farmers and averaging
- Claiming tax relief on interest
- Get a state pension forecast well before retirement age
- Don’t pay too much National Insurance (1)
- Don’t pay too much National Insurance (2)
- Don’t pay too much National Insurance (3)
- Deferral of your state pension
Capital Gains Tax
- Make use of the annual Capital Gains Tax exemption (1)
- Make use of the annual Capital Gains Tax exemption (2)
- Don’t overlook claiming relief for shares that are now worthless
- Entrepreneurs’ Relief
- Assets you can sell without incurring Capital Gains Tax
- Enterprise Investment Schemes
- Seed Enterprise Investment Schemes
- Venture Capital Trusts
- Other investments with tax advantages
- It can be a good idea to crystallise capital gains if there is going to be no tax to pay
- Claim Rollover Relief
- Time your sales to defer payment of Capital Gains Tax
- Reduce or eliminate Capital Gains Tax on a second home
- Check-up to see what your Inheritance Tax is likely to be
- What gifts are exempt from Inheritance Tax?
- Inheritance Tax business/agricultural property relief
- Changes to the tax-free band
- Can you save tax by going abroad?
When someone dies
- Don’t overpay Inheritance Tax on assets that are sold
- Remember to claim full probate costs when someone dies
- Capital Gains Tax and Inheritance Tax considerations
- Should I consider a deed of variation?
- Take out a pension
- You may be able to take out a pension even if you are not earning
- Maximise your tax-free lump sum entitlement
- Always take independent legal advice before drawing your pension
- Rent a room
- VAT and rent
- Have you claimed for all the expenses you can?
- Claim the interest on any loan you take out to buy the property
- Do you and your spouse/civil partner jointly own the property?
Savings and investments
- Get your interest paid gross
- National Savings and Investments
- Premium savings bonds
- Gift Aid
Marriage and children
- Give children assets when they are not worth very much
- What are the best investments for children?
- Plan separation and divorce carefully
And finally ...
- Free HMRC explanatory publications – a good source of tax information
- Tax-planning dos
- Tax-planning don’ts