Tax Tip 

When we complete annual accounts here at Minerva we carry out a simple tax review for all our business clients. We can then contact them if we think they’re not taking advantage of all the obvious reliefs: 

  1. Would they be better off (financially) as a limited company or a sole trader/partnership? 
  1. Do they need to register for VAT? Would there be any benefit to registering voluntarily? 
  1. Does their spouse or child work in the business or could they be a shareholder? 
  1. Salary, dividend, pension? Are they taking £ out of their business in the most tax efficient way possible? 
  1. Are they approaching the £50-60k band for repaying child benefit? 
  1. Do they need to be saving for a pension? (Our All In Place review goes into this in more detail) 
  1. Should they receive interest on money that they have loaned to the business? 
  1. Are they claiming for use of their own home for business purposes? 
  1. Are research and development tax credits applicable? 
  1. Could they register for EIS/SEIS to encourage investors? 

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