Coperation Tax

I have started a business this year and have got lots of help so far from you all out there. Everything is going well and now realise I will have some profits at the end of the year (good complaint) any ideas on what I can spend it on legally before the tax man gets to it. I have most of the equipment that I need now to carry on my business am I entitled to claim for any bit of pampering after all my hard work!!! All suggestions greatly appreciated.

Pay yourself a bonus?

Pay yourself additional bonus/salary up to your lower rate earnings ceiling, and if there is surplus, I'd suggest consider paying the balance into a pension. More info about you would be required to give more specific advice, such as age, earnings, other pension benefits, likely future profits etc, are you a company or a sole trader, but generally speaking, this is the most tax efficient way of getting your money, even if you may have to wait til retirement to get it!

oopsbuddy said:

are you a company or a sole trader

Click to expand...

? is on Corporation Tax....would assume that OP is operating as a Company. Would however agree with rest of this post as to OP's options.