Tax Savings

Whether you have just started your business or have been in business for a long time, TaxAssist Accountants can help you with your tax planning needs.
If you are looking to make tax savings but do not want to attempt to interpret detailed tax legislation, we would recommend seeking the advice of a professional. We offer all clients tax planning reviews and try to ensure they only pay as much tax as they are legally obliged to and no more!
Whatever your tax planning needs are, we will endeavour to find a tax saving scheme to suit your circumstances so make sure you contact us, especially as there may be more specific tax planning tips and tax advice available for your business sector.
We have included a series of tax tips below which provide general guidance on various tax saving strategies and should answer some of your tax questions.

Low interest loans provided by employers

It may be possible for a company to lend an employee up to £10,000 with no tax implications for them, provided they are not a director. This can be useful if say the employee needs to buy his company car to avoid benefit in kind tax charges.

Recover VAT

Recover VAT on some invoices that you have paid or received before you registered for VAT by including the input VAT on your first return. Make sure you have the VAT invoices and keep a schedule of the adjustments you have made. Be careful though, there are time limits and rules for this recovery measure so be sure to speak with your accountant!

Stock valuation

Stock should be valued at cost but can be valued at ‘net realisable value’ if this is a lower figure. Essentially this means valued at what you could sell the stock in an open market sale. Lowering the value of closing stock will £ for £ reduce taxable profits.

Employing your spouse in the business

If you are self-employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary.
However, there are a few rules that need to be followed, such as how much to pay your spouse and to keep evidence that the payments were made during the year.
Sole traders with higher rate tax liabilities will benefit significantly from this arrangement if their spouse is a non taxpayer or lower rate taxpayer, and further tax savings could be made by making pension contributions.

Capital Gains Tax - Using Home as Office

If you claim tax relief for the use of a room as an office there can be a tax charge when you later sell your home, however we can advise you of measures that can be taken to help to minimise a Capital Gains Tax liability.

Capital Gains Tax - Selling Property

If you have Capital Gains Tax (CGT) to pay, for example because you’ve sold a holiday home or rental property, you will need to complete a tax return. From April 2020, you must report and pay the CGT to HMRC within 30 days of completion. TaxAssist Accountants can advise you on any tax planning opportunities available, in order to minimise your liability. We can also complete your tax return and 30 day report for you.

Getting started is quick, easy, and doesn’t cost a penny.

Dedicated tax HDadvisory

Our dedicated small business CPA advisors offer strategic advice to your small business, helping reduce tax liability while maintaining compliance. Our tax accountant advisors also provide additional financial planning services, including entity structuring, loan agreements, bookkeeping, deadlines, and more, depending on the business type.
Our business advisors and tax professionals may contact you periodically to reassess your current tax planning strategies and adjust as needed. You’re also entitled to unlimited tax consultations between your CPA advisor and members of your team.

1-800Accountant year-round tax advisory process

Year-Round Tax Preparation

Once you submit your documents and information, we'll begin preparing your tax returns, no matter the time of year.

Tax Organization and Submission

Avoid tax problems from occurring. We review your tax return and make recommendations to maximize your refund. We may recommend additional tax-saving strategies depending on the professional services you’ve selected.

Iterative Review

CPAs or Enrolled Agents review drafts every step of the way, with a final review performed to make sure we dot every "i" and cross every "t".

Small Business Approval

We will maximize your return and share it with you for your review and approval. Once approved, we file on your behalf.

Tax Return Storage

We store your completed return electronically on our secure servers and make it easily accessible to you on the client portal for up to seven years.

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10015 Garden Grove,Blvd Garden Grove, CA 92844

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Monday – Friday: 9AM – 6PM Saturday: Appt. only

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