In this live Q&A Shaz answers wide-ranging questions about businesses and tax

He shares informative content about tax relief and deductible expenses and the importance of exploring all the ways you can claim and save for you and your business along the crucial role a specialist tax advisor plays in making sure you are accessing all the tax relief you are entitled to and structuring your business in the best way

 

KEY TAKEAWAYS

• Consider  and review whether it’s worth incorporating on a regular basis
• Plan your remuneration and salary to make sure you don’t lose child benefits if you have a family
• Sometimes balancing a higher and lower-income between parents can be the most effective solution
• If you are buying a commercial property you must speak to a financial adviser who is a specialist in capital allowances
• With serviced accommodation capital allowances can be claimed when you purchase a property and when you refurbish the property
• With cars, there are various options available within your business structure and it's worth considering an electric vehicle
• If you are buying property through a limited company that is contaminated you can claim land remediation relief allowing you 150% relief on the costs to remove the contamination
• If you have partners in a company and you are injecting cash then you should draw up a loan agreement
• You can use different types of shares within your company for flexibility
• If you are married and one partner is not using their personal allowance 10% can be given to the spouse
• Under ‘rent a room relief’ the first £7,500 is tax-free
• The employment allowance can be claimed if you employ people and can be beneficial in helping you to pay national insurance contributions
• If you are a company director or employee trivial benefits means anything up to fifty pounds isn’t taxable in accordance with certain conditions

 

BEST MOMENTS

‘If you don’t use certain allowances you can lose them’

‘Capital allowances is a big one but there are still people who lose out’

‘Always have a pre end of tax year meeting with your accountant’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

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