There are certain aspects of tax for the self-employed – and particularly members of the Bar – that are not always fully exploited and that can be very relevant indeed. These are some of them:
- Use of accounting date change - to ensure that overlap profits attract tax relief at 40%;
- Tax deductible borrowings - tax relief on personal drawings via the re-financing of debtors/work-in-progress;
- Tax relief on additional pension and retirement annuity premiums;
- On a related issue, overpaid National Insurance Contributions for those who sit. What is needed is a review of the contribution record. This can lead to:
- refund of overpaid contributions going back six years;
- deferment of Class IV National Insurance.
These are just some of the angles. We go through everything for our clients.
E-mail: mark@malthouse.com or steve@malthouse.com
Date:11 July 2006
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