Co (Financial Management) Limited
Tax accountant Ringwood
Small business accountant in Ringwood, Hampshire & Dorset,
specialising in small businesses dealing with taxation, management and computer advice
Can I choose how much tax I pay?
No, not if you are an employee, tax is tax and we all have to pay it. If you are self
employed you also cannot choose how much tax you pay, it merely depends on how much you
earn, what your net profits are.
Only a director/shareholder of their own
business gets to choose how much tax they pay by making use of the
different tax rules and regulations. Tax is not only complex but
also various tax and employment laws overlap. A good tax accountant
knows how to make use of the best bits of one set of tax while not
getting penalised by the bad bits of another set of rules.
Self employed v limited
What about the difference between sole
traders, partnerships, limited companies and limited liability
partnerships (LLP's). Which one is more tax efficient?
In most cases, a limited company is
still the best option if your net profits are above £20,000 per
annum. There are also several advantages for higher rate tax payers
because again you can choose how much higher rate tax you want to
pay. A lot depends on your own personal circumstances.
Child Tax Credits and university fees?
What if you have young children or teenagers at university. What about the interaction
between income tax and child tax credits or university funding?
In both cases, how much you can claim in CTC or grants depends on your income. Again,
using a limited company, you can choose what your income is which then determines what
tax credits you get or whether your child can claim a non repayable grant instead of
taking a student loan.
| What else are you looking for from your accountant?|
Do you want to know how to improve your profits or do you want to know how to save tax?
The majority of business owners
are mainly interested in saving tax. However, I have experience of
working with many different businesses, construction, engineering,
transport, electronics, retail and consultancy. I know how good
businesses work and also what does not work. I find it is important
to have the right attitude to running your own business and I may be
able to help you by passing on ideas from other successful business
Want to know more?
I provide specialist tax advice for small businesses, looking at your whole tax
position and taking into account the interaction of the different taxes, corporation
tax, income tax, national insurance, capital gains tax and even the effect of benefits
and allowances such as child tax credits.
I can show you the tax potential of changes to your business setup, for example how
you take money from your business or how you can build up your business value for a
later sale whilst minimising your tax liabilities.
I can also advise you what is legally allowed and what is not regarding tax
and statutory legislation.
I am here to help you save tax while trying to
help you avoid problems before they happen. Sometimes you may just
want to chat over a decision you need to make and you need a second
opinion. Other times it is because I am telling you of tax changes
that might be suitable for you so we need to discuss them
What do you want to discuss?
Call or email me and let us talk about you and your business.
How much tax can you save as a limited company? Click here to find out
Lewis & Co (Financial Management) Limited - Chartered Accountants
Specialising in tax and business advice for small business
2 Southampton Road, Ringwood BH24 1HY