Tax Savings

There are different types of allowance and relief available to help minimising tax liabilities upon the earnings figure provided, profits or gains from the sales of assets, but to identify the one that you are entitled to can be a time-consuming and challenging task.

If you are looking for a good Tax Saving Plan, but experience difficulties in interpreting the detailed tax law, please come to Tax Ideas Accountants & Advisers for professional advice. We offer all Tax Saving planning and review service, through a range of tax calculation to make sure that our clients only pay the rightful amount of tax that they are obliged to and the right of entitlement for Tax Saving!

We endeavour to put together a suitable and accurate tax saving scheme for you and provide professional tax advice on any questions that you think you may have for the business tax savings.

Scope of our Tax Services

  • Individual
  • Company
  • Partnership
  • Trust
  • Superannuation

Here are a few common tax and superannuation scenarios that may be sources of help to you

Scenario 1: Spouse/Partners working in the same business

If your spouse/partner are involved in running the same business together, or any other company business related roles, it is quite legitimate to make salary payment to your spouse/partner. Nevertheless, attention should be paid to a few rules that needs to be applied, such as the amount of salary that are made and record of the payment receipt which have been issued during the year. Sole proprietor as a unique business structure that practitioner with higher tax liability will have the benefit in further tax savings through proper arrangement in setting up an employer pension plan.

Scenario 2: Sales of more than one home

If you are selling the second or third house and are looking to reduce any capital gain tax that you may be obliged to?  Any garden shed, fixtures and fittings are considered as wasting chattels for Capital Gains Tax, e.g. there is no tax liability upon the disposal of such items. Why not ask your solicitor to allocate part of the selling price in the contract onto these items? See you professional advice on Stamp Duty Land Tax when you are in this situation in order to gain the best benefits and entitlement of right.

Scenario 3: Working from home

If you are making a claim tax relief for the use of a space or room of your home, a tax charge will be applied upon the sale of your house, we Tax Ideas Accountants & Advisers can provide you with suitable advice some feasible measures that can be employed to minimize or mitigate a capital gains tax liability. 

Scenario 4: Revaluation of Shares

Stock is valued at cost, market price and ‘Net Realisable Value’ if this is a lower figure in accordance to the individual situation of the investment. Practically every stock is valued at what you could sell in the open market and the lowering the value of closing stock will reduce taxable profits.

Scenario 5: Recovery of GST

It is crucial to recover GST on any invoices that you have made your payment or received from the clients, an important step is to include the input GST on the first term before you register for GST. Second step is to make sure that all GST invoices are kept properly for reference.