Using a Company to Save Tax

By: Lee Hadnum

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Product code: 23583
ISBN: 190460837X
Format: Pb
Published by: Taxcafe UK Ltd, 2006, 4th edition

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Using a Company to Save Tax - front page cover image

Description of Using a Company to Save Tax

By running your business through a limited company you stand to save tens of thousands of pounds in tax and national insurance every year.

Why? To start with UK corporation tax rates are much lower than income tax rates. Secondly, company owners can pay themselves dividends, which are taxed much less heavily than other forms of income. Finally, setting up a company with your spouse allows you to split your income which almost always results in a lower tax bill.

This tax guide tells you everything you need to know about the tax benefits of using a company. It is essential reading for:

- Sole traders and partnerships thinking about setting up a company.
- Anyone running a company and wanting to pay less corporation tax, income tax and national insurance.
- Anyone about to start a business.
- Accountants who wish to advise their clients on the tax benefits of using a company.

Like all Taxcafe guides Using a Company to Save Tax is completely up to date, written in plain English and contains numerous examples and illustrations. Subjects covered include:

- Plain-English guide to corporation tax.
- Summary of company tax advantages and disadvantages.
- Detailed examples of overall tax savings enjoyed by company owners.
- How company owners can avoid paying any national insurance and income tax.
- How dividends can be used to cut your tax bill by thousands of pounds.
- How to split income with your spouse to achieve further tax savings.
- How to incorporate an existing business.
- The tax benefits and drawbacks of using an offshore company.

Using a Company to Save Tax - Chapter headings

1. Introduction
2. Non-tax Reasons for Using a Company
3. Drawbacks of Using a Company
4. Why You & the Company Aren't Really Separate
5. Company Tax: Pros & Cons
6. Corporation Tax in Plain English
7. Corporation Tax versus Income Tax
8. National Insurance Savings
9. Using Dividends to Escape Tax
10. Detailed Examples of Tax Savings
11. Reinvesting Profits to Make Big Tax Savings
12. How to Pay Dividends
13. Using Your Spouse for Further Tax Savings
14. Incorporating an Existing Business
15. Incorporation Checklist
16. Offshore Tax Planning
17. Conclusion

Authobiography of Lee Hadnum

Lee Hadnum LLB ACA CTA is a rarity among tax advisers having both legal and chartered accountancy qualifications. After qualifying as a prize winner in the Institute of Chartered Accountants entrance exams, he went on to become a Chartered Tax Adviser (CTA) and has worked as a business tax adviser for one of the 'Big 4' accountancy firms for a number of years.

Lee is the author of several other Taxcafe.co.uk tax guides including Non-Resident & Offshore Tax Planning and How to Avoid Tax on your Stock Market Profits.