Turner Little: 5 Smart Ways Your Small Company Can Save Money

It is vital that you maintain a stable cash flow when running your small business, so you have the capital to fund expansion. One way to do this would be to trim down your firm’s budget where possible, freeing up extra funds. Turner Little lists five ways you can save money on your firm’s outgoings.

Turner Little: 5 VAT Registration Frequently Asked Questions

Your firm may be required to register for Value Added Tax (VAT), a tax which suppliers charge consumers when selling products, but only in certain circumstances. In order to help you navigate this complex subject, Turner Little answers five frequently asked questions on VAT registration.

4 Ways to reduce Inheritance Tax

When planning your estate, beware of inheritance tax. If your estate’s value eclipses a specific threshold (£325,000 at present), when you pass away, your estate will be required to pay a 40% inheritance tax on the remaining fixed assets. Combined, couples can currently benefit from an inheritance tax threshold of £650,000 at present, assuming that neither you nor your partner can utilise other exemptions.

We should note that in 2017, the UK government will phase in another tax free band for your main residence. This will initially be set at £100,000, rising to £175,000 in 2020, so you may be able to bequeath £500,000 before inheritance tax. You can further shield your assets via other exemptions, but many must be deployed seven years before your death, so it is wise to plan for inheritance tax now. Turner Little considers ways to mitigate the effect of inheritance tax on your estate.

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Tax Guide For Sole Traders

If you register as a sole trader, you will be required to fulfil certain legal obligations. This includes paying tax to HM Revenue and Customs (HMRC). Turner Little has created a  Tax Guide for sole traders which is available on the Turner Little Blog.

What Are The Benefits of Establishing a Trust?

If you want to protect your finances long-term, you may want to think about creating a trust. A trust is a legal vehicle designed to hold assets or property, which provides a range of advantages when it comes to wealth management. Turner Little asks: what are the benefits of establishing a trust?