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Accountants Offer Tips on Saving Tax
Bradford-based accountancy firm Watson Buckle has put together a free guide for businesses and individuals looking to reduce their tax bills.
The '50 Ways to Save Tax Guide' is now available to download from the firm's website at www.watsonbuckle.co.uk, highlighting potential savings that can be made on Income Tax, Capital Gains Tax, Inheritance Tax, Capital Allowances and Corporation Tax.
The new guide comes as next week's Pre-Budget Report is expected to reveal more tax rises as the government battles to reduce the budget deficit.
Watson Buckle tax partner John Kinsella said: "With tax bills already rising, and likely to increase further as the government looks to bring public sector debt under control, it has never been more important for individuals and small business owners to ensure they are not paying any more than they need to.
"There are many ways for companies and individuals to legally minimise their tax bills, and we regularly advise our own clients on how to do this. We hope that by sharing our knowledge with others in the area, Bradford firms and householders will save money which can then be reinvested in the local economy."
Among the tax-saving suggestions are the £4,250 tax-free allowance for someone who rents out a room in their house, the annual gifts exemption which allows individuals to give away up to £3,000 a year without attracting inheritance tax and the tax relief available to companies on plant and machinery expenditure up to £50,000 each year.
For more information, contact Watson Buckle on 01274 516700.