Can I give my staff a tax deductible gift?
Yes you can if you follow HMRC’s ‘Trivial Benefits’ rules: An employee can receive multiple trivial benefits throughout the year, as long as each one does not exceed £50.
Tax Election on Jointly Owned Property Income
An election on ‘Form 17’ can be a useful tax planning tool and enables a married couple to be assessed on the income arising from jointly held property in accordance with their actual beneficial interest.
Tax Deductible Expenses
Many expenses incurred while running your business can be deducted from your profits, reducing your overall tax. This could include things like mileage charges, phone costs, or running costs for your home office.
What if I make a loss?
If you make a loss in one tax year, you can carry it forward and offset it against profits from a more successful year. This decreases your taxable income.