sajad torkamani

Claim business expenses/capital allowances wherever possible

A lot of expenses can be classified as capital allowances. Things like software subscriptions, phone bills, business insurance, office equipment (e.g., computers, monitors, hardware accessories), and public transport fares. Speak with your accountant if you’re unsure if an expense can be claimed.

Adopt a low salary & high dividend approach to paying yourself

Pay yourself a PAYE salary just below the personal allowance which is currently £12,570 so that you don’t pay any tax on that.

Pay the rest in dividends. Dividends are taxed less than salaried income so whenever you need some spending money, pay yourself in dividends.

Get outside IR35 contracts

Not too sure why this helps. Need to read more about it.

Small wins

Sources

Tagged: Accounting

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