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Tips Company Of Heroes

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Of course you do. It's a pretty silly question, right? No company wants to pay more tax than they absolutely have to.

Nevertheless, many companies don't take advantage of the opportunities that are available. Luckily, with some fairly straightforward tax planning, you can significantly reduce your corporate tax this year.

Here are our five top tips that will help reduce your company's tax liability this year:

1) Bring Forward Long Put Off Expenditures :

Bring forward that long overdue office repair or redecoration project or that direct marketing campaign you were considering for next year. Any expenditure before the company year end will reduce the current year's tax liability and lets' face it, your office will look nicer.

2) Make The Most Of Your Capital Allowances :

You will certainly save your company some tax by bringing capital expenditures - such as machinery - forward. Some of the bigger savings can be found in the purchase of energy saving technologies and products which qualify for a 100% allowance.

Companies generally receive a 25% allowance on plant and machinery related capital expenses, but SMEs companies get a 40% allowance in their first year. So, if you are a small or medium sized company (as defined by company law), take advantage and make those types of purchases before the end of your first year trading.

Even better, for computers and telephone equipment, you can claim a 100% reduction against your profits in the first year.

The best bet of all is in research and development - a new R&D tax credit means you can claim 150% of what you spend, and if you are a loss-making company you have the option of taking a part of that as an immediate cash payment.

This is a little known and often misunderstood tax credit, but many companies can take advantage of it. Get some advice on what exactly qualifies as research and development first, just to be on the safe side.

3) Re-structure Your Dividends and Bonuses:

Smaller companies - in particular, owner-managed businesses, can save on National Insurance payments by taking dividends rather than paying themselves a salary. On average for a higher rate tax payer, the tax rate will be reduced to around 39% compared to 47%.

4) Minimize Capital Gains Costs:

One of the best ways to minimize capital gains is to reinvest the proceeds of a sale into buying a replacement asset. Be warned, though, that not all assets qualify for relief. Check first before utilizing this tip.

5) Get The Right Receipts

A useful tip is to make certain that your employees ask for VAT receipts whenever they make a purchase on behalf of the company. That will ensure you can claim back the VAT on all purchases that are VAT rated.

If your company reviews it's tax affairs between two and three months before the end of your financial year, then you can start planning how to effectively and, most of all, legally, minimize your tax liabilities.

Tips Company Of Heroes

Many companies enjoy the luxury of knowing that their employees are advertising for the company when traveling. How? Three words: Promotional conference bags. However, although promotional conference bags are great at promoting your product or service, they can be quite pricey. If you’re trying to save money, you may want to consider company-owned promotional conference bags instead or purchasing them for specific employees. If you do this, make sure to follow these tips for smooth sailing regarding your stock of bag:

•Keep the promotional conference bags in a place that can be accessed by everyone who will use them. You office, for example, might not be the best idea. If you aren’t there to unlock the door and someone needs a bag, they’ll have to go without one!

•Make sure that everyone in the office is aware of this resource, as well as knows where the bags are located. Even employees who rarely travel should know where the promotional conference bags are kept. You never know when they may come in useful for someone.

•Have a policy for signing out the bags, and make sure that everyone understands that policy. If there are ten people in your office who use the promotional conference bags, but only five bags, they may change hands often. The sign out sheet should include the person’s name, the dates of the trip, and the day the bag was returned. That way, if all of the bags are gone, and Bill needs one, he can look at the list and see that Sam just returned from a trip today and there will be a bag in his office waiting to be cleaned out and returned.

•Also have a policy for lost or missing bags. If you’ve spend a lot of money on a bag and one of your employees loses it, who will be responsible for purchasing a replacement?

•Make sure that employees clean out the bags after use. Check all of the pockets to make sure that no person items were left behind and throw away any trash.

•Routinely check the promotional conference bags yourself to make sure they are not in disrepair. Ask your employees to report to you any tears, holes, etc they find in the bags. Try to replace the bags on a rotating schedule to better fit them into your budget.

•Talk to your employees about what they want in a bag before you order. In fact, it’s a great idea to print pictures and specifications about 3-5 bags in your price range and allow employees to vote. Color, shape, style, material, number of pockets, strap/handle, and size all make a huge difference.

•Remind your employees often about the promotional conference bags so that they are actually used. You may consider even making it company policy to carry them on trips, rather than a personal brief case or bag.

After about 6 months, reevaluate your need for promotional conference bags. Are there enough? Are people remembering to use them? Is their storage location practical? Sharing items as a company can be difficult, but in the case of promotional conference bags, it can save you a lot of money.

If you require additional information on conference bags or business promotional items, promotional gifts and promotional products then check out the leading expert suppliers online where you can make massive savings.

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About Author

Both Jim Haines & Tina Rinaudo are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Jim Haines has sinced written about articles on various topics from Partnerships, Finances and Certified Public Accountants. Jim Haines works for Just Accountants, a UK website that allows companies to get quotes from up to 4 accountants. Visit for details.. Jim Haines's top article generates over 3600 views. to your Favourites.

Tina Rinaudo has sinced written about articles on various topics from Promotional Advertising, Home Improvement and Promotional Advertising. Tina Rinaudo is one of the leading lights in the UK industry. Tina is a key member of YesGifts, the UK's fastest grow. Tina Rinaudo's top article generates over 135000 views. to your Favourites.

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