Have Tax Questions? Ask a Tax Expert for Answers ASAP
I manufacture and service power factor correction equipment, April 5th
I'm back.Short of investing in high risk companies through the Enterprise Investment Scheme or the Seed Enterprise Investment Scheme, there isn't much you can do. Research and Development Tax Credits are for companies only.If you make a profit of £60,000 for 2014/15, you will be paying tax at 40% on about £18,135. If you want to negate the higher rate tax charge, you could invest in capital plant for your business and write it off against one year's profits using the Annual Investment Allowance. Take a look here for more information on AIA.Alternatively, or perhaps in addition to buying plant and machinery, you could put money into a personal pension plan. Take a look here for more information.Ther isn't anything you can do to reduce your tax liability that won't involve you spending money I'm afraid.I hope this helps but let me know if you have any further questions.
Would it be possible to purchase a car that my wife would use for work, ( she works nights ) but would be available for my business use during the days when i don't need to use my van.