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Keynes said "The avoidance of taxes is the only intellectual pursuit that still carries any reward." But what taxes can you avoid? Are the amounts involved significant? How do you know your accountants are up to the job?
1.1Find out how the rewards of tax planning saved Mr Happy £12,824
A Illustration that shows why Mr Happy is smiling.
1.2 Some tax tips to save a contractor money
A Take steps to determine if the engagement can fall outwith the IR35 rules
B Claim tax relief on all allowable business expenses..
C Operate the correct Vat scheme. Find out how a contractor saved £2,077 by doing this.
D Save national insurance by paying dividends.
E Make sure that you operate the correct level of salary
1.3 How to decide on a tax efficient salary/dividend strategy
A Salary v Dividends
B Factors to be considered in setting salary levels
C How to ensure dividends are legal
D So how should you proceed?
E Useful Tips
1.4 The tax plan of a freelance consultant must consider IR35
A The significance of IR35 if you are a freelance consultant.
B An explanation of IR35 and it's importance to a freelance consultant?
C Should a freelance consultant apply IR35 or not ?
D A situation where a freelance consultant is likely to apply IR35.
E A situation where a computer consultant is not likely to apply IR35
F The importance of the service contract to the IR35 legislation
G IR35 increases compliance costs and administration
1.5 Taxes that a consultant may have to pay
A "Income tax-The hardest thing in the world to understand ! " Albert Einstein
B Value Added Tax-the company may have to account for this tax.
C Your company has to account for corporation tax .
D Penalties charged by the HMRC,VAT and the Registrar of Companies
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