Paying too much tax?
How much tax should I pay?
If you are confused about how much personal tax and business tax you should be paying you can contact us or use our tax calculators to calculate business and personal taxes from company cars, PAYE, IHT, and VAT.
Where can I make tax savings?
Both businesses and employees can sometimes pay too much tax, there are various reasons for this. If you are paying too much tax, here are a few areas where you might be able to save on tax:
Income Tax: Are you making full use of your personal tax allowance and reliefs to save tax? We can undertake personal tax planning to make sure.
Corporation Tax: Whether you run a single company or a whole group, our corporate tax specialists will help you retain more profit or extract more value from your business.
Tax Planning: How you structure your affairs can have a massive impact on the tax you pay. We’ll come up with an individual tax plan that could reduce your tax bill.
Capital Gains Tax (CGT): If you sell your valuable items you may need to pay Capital Gains Tax (CGT). We’ll work out what you owe or tell you if the asset’s exempt.
Inheritance Tax (IHT): Don’t leave it all to the tax man! Reduce Inheritance Tax by planning ahead. It could save a large chunk of your estate from tax.
VAT: Our experts around the country will take care of all your VAT needs. Our VAT services often this leads to better cashflow and sometimes even a hefty rebate where you’ve overpaid your VAT.
R&D Tax Credits: Research & Development (R&D) tax relief is available to UK limited companies and encourages investment in innovation. R&D tax credits can reduce a company’s tax bill or, if a company is not in profit, provide payable cash.
International Tax: Whether expanding internationally or planning to live outside the UK, or coming to the UK to run a business or live here, our international tax experts can help you save non UK tax as well as UK tax.
Tax Schemes: Alternative tax schemes offer different levels of risk. Our tax saving experts will help you find the options you’re comfortable with.
Should I pay myself using the PAYE or Dividends?
If you are a business owner there are a number of different methods for extracting money from your company that you should consider, such as a mixture of dividends and PAYE.
The question that many company owners ask is should I pay myself using the PAYE or Dividends. The answer is very much dependent on circumstances, for example if you are claiming R&D tax relief, then you may pay more in salary than dividends. Many individuals choose to use a combination of the two.
Contact us for advice on how to decide on the right format for you and your business.
How can Haines Watts help if you are paying too much tax?
We’ve got some of the best tax people in the business providing comprehensive tax services to help you and your company make tax savings.
Want some practical tax tips to guide you through the tax system and help you plan to minimise your liability? Download our Taxes Made Easy Guide now.