My 1st Bog post…..saving tax!

Saving Tax – The Legal Way!

With the government encouraging people to start up new businesses, and with the lack of support and funding, there is a greater need to save as much as possible in way of tax.

With the growth of freelance consultants around the UK, setting up as a limited company could make some significant savings.

Over the past year the average profits of consultants was found to be approx £34,000, meaning a self assessment Tax and National Insurance bill of approx £7,800! Not forgetting paying 50% in advance for the next tax year.

If a consultant was set up as a limited company the saving of TAX and NI is approximately £2,400 and there is no requirement to pay in advance.

Setting up as a limited company is very simple, using an accountant, agent or direct to companies house.

My advice is to use an accountant to prepare the limited company accounts and tax return.

Our new product: http://www.boxaccounts.co.uk gives a consultant the freedom to concentrate on their work for clients and stress free in relation to their books and records

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