Top Tax Tip
In
addition to your deductible business expenses, you may qualify for
special "Tax Credits" available to businesses. Tax credits are very
specific and limited, but if you qualify, the credits reduce your taxes pound for pound; Tax credits can be a real tax pot-of-gold. Be sure to speak to us if you think you may be eligible.
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Quote Of The Week
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Going to work for a large company is like getting on
a train. Are you going sixty miles an hour or is the train going sixty
miles an hour and you're just sitting still?
J. Paul Getty
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Greetings!
Despite the fact that we are technically out of Recession, a lot of businesses are still having problems getting funding to grow and expand their business. So, we have written a short article, called '3 Steps to Cheaper Financing'. Have a look below.
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4 Tax Tips
- Have you made a will? Have you updated it recently? And is it IHT efficient? Tip - There are many compelling reasons for writing a will. For example, without one, it is up to the courts to decide who will be the guardian of your children, and you may have to pay thousands of pounds in unnecessary tax and legal costs. Why make things harder for your loved ones? Make a will now!
- What happens to your family and business if you are ill or die? Do you have life assurance, permanent health insurance and critical illness cover? Have you reviewed your policies recently? Are they still the best policies for you?
- Have you made full use of the fact that each of your children can earn up to £5,720 a year as income and £10,100 a year in capital gains - completely tax free? Tip - Grandparents can be the key here, since it is not as simple as parents putting money in their children's name. So you will need professional advice.
- If some of your investments have done well and grown in value have you considered whether it is sensible to sell some of them to save yourself even higher tax bills in the future? Tip - Everybody is allowed to make £10,100 in tax free capital gains each year, but many people waste this tax free allowance and end up paying higher tax bills later. Don't join them!
To find out more, call 0800 612 2008
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Three Steps to cheaper Financing
Sooner or later, most businesses need to turn to external
sources to finance growth; whether it's to invest in new equipment or
machinery, to purchase property, upgrade technology, or even to maintain
cashflow whilst a new product line kicks in. The cost of external financing can
be considerable, and keeping it down is a key element in maximising your
profitability. So; have a look at 3 ways we have chosen to find cheaper
financing.
1. Plan Ahead
Plan your financing requirements well in advance - if
possible, as much as a year before you will need the funds. This gives you
enough time to prepare a robust application, shop around for the best provider,
and negotiate the most favourable terms. If you left your planning to the last
minute, not only will you limit your negotiating power, you might also give the
impression that your expansion plans are not very well thought-out. Obviously,
business owners need to be agile and respond to opportunities quickly, but this
doesn't change the fact that quick money is invariably expensive money.
2. Make the lender bid for your business
Once you have a well-prepared financing plan, approach a
number of lenders, and ask for them to submit a proposal. These days, banks are
used to having to bid for your business. But don't just focus solely on the
cost - consider factors such as the quality of the working relationship, how
much experience they have in your industry, etc. Use your track record to try
and minimise charges; don't forget, the main concern for lenders if the degree
of risk involved. If you have a good track record, you may be able to negotiate
cheaper charges.
3. Ask for more than you need
Many business owners are too modest in their funding
applications, fearing that if they ask for too much, it will decrease their
chances of success. But it is much worse
to underestimate your requirements. Returning a few months later to ask for
more on top of your loan will not only start to ring alarm bells about the
reliability of your business plan; it is also a lot more expensive to process
two applications rather than one.
Keepers can help you research and prepare requests for
financing, and we will even conduct the negotiations for you, through a third party. Contact us today
to see how we can help you find cheaper financing.
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CALL OR EMAIL NOW FOR A FREE, NO OBLIGATION QUOTATION - 01273 727386 OR 07515 495737
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This report covers the demise of the
special trading status of Furnished Holiday Lets property on the 6
April 2010. HMRC have recently published their interpretation of the
transitional rules that will apply when FHL's move from trading to
property rental status on 6 April 2010. These transitional rules have
introduced a number of new, surprising and welcome openings for FHL
property owners to exploit. Click here to find out more
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If you want to donate money to charity and good causes there are
many ways to go about it. And for taxpayers, if you choose the right
payment method you can make sure the gift is tax-efficient too.
WANT TO KNOW MORE?
Charities Aid Foundation
Charity Pay
Sharegift
While popping a few pounds in a donation box from time to time
is welcomed by charities, they will gain more from your gift if you
donate through a designated scheme, such as payroll giving or Gift Aid.
If you are an employee 'Give as You Earn' is the most tax effective way
to make regular donations. Under the scheme, you make a donation
tax-free from your gross
salary to any cause of your choice. This means that if you're a
basic-rate taxpayer pledging say £10 a month, it will only cost you
£7.80.
Besides donating from your gross pay, there are also other ways of donating money to charity via the Give As You Earn scheme.
Click here to find out more
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Thanks for reading. You can find us on our website, Facebook, Twitter or
LinkedIn; just click the relevant link at the top of the Newsletter.
Ben
& Chris
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