i know people may not want to answer this but how much are people paying in tax cos its hammering me ive got about 4500 due in jan and then about 3000 due in july what legal ways are people using to avoid tax ive been told by my accountant that im close to needing to become a ltd company but he said the benifits aren't as great now as they used to be. i need to do something cos im sick of giving so much money to the tax man when i would like to get a new van.
also to those who pay 40% tax what motivates you to keep earning above a the threshold cos it must kill you having to give nearly half your income above this level away. it seems to me instead of encouraging growth in small business the payment on account system of tax penalizes it.
also how many people use their wifes personal allowance in their business i know the rules are changing on this but if you have her involved in the admin side of things surly you can spread the burden
please any ideas much appreciated
Why not lease a van,all payments are tax deductable.Maybe also lease or buy some new gear.Put your wife on the books, increase amount paid to part time lads,and those 2 school kids that give you a hand delivering flyers,all these should reduce your liability.
Oh yeah and find a better a/c.
.S I see someones already said that.Sorry