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9 Tax Saving Tips for Company Directors
Paying taxes has always been a controversial subject but for those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.
The current tax year runs from the 6th April 2022 to 5th April 2023 and therefore the methods below all relate to this period.
1. Personal Tax Free Allowance (£12,570)
This is the amount you can earn without paying any income tax. This can be from a part time job, paying yourself as a director of a limited company or from self employed earnings.
2. Marriage Allowance (£1,260)
If you are married or part of a civil partnership then you may be able to transfer 10% of your partner’s £12,570 allowance to yourself (with their permission of course!)
This would increase your personal tax free allowance from £12,570 to £13,830.
3. The Rent a Room Scheme (£7,500)
If you have a spare room in the house, you can rent it out and earn up to £7,500 tax free.
4. The Property Allowance (£1,000)
You could rent out storage space or a driveway for up to £1,000 per year without paying any tax due to the new property allowance.
5. Trading Allowance (£1,000)
For those selling on platforms, such as Ebay and Gumtree in their spare time, can earn up to £1,000 without paying any tax.
6. Personal Savings Allowance (£1,000)
Basic rate taxpayers can earn up to £1,000 in interest without paying any tax.
7. Starting Rate for Savings Allowance (£5,000)
If you earn up to £12,570 a year then you can earn up to £5,000 in interest tax free.
8. Dividend Allowance (£2,000)
Dividend income from shares are tax free up to £2,000.
So if you were to buy shares in a company like Tesco and they paid you a dividend of £2,000 then you wouldn’t have to pay any tax as long as this is your only dividend income.
This also applies to directors who are shareholders of their own company, up to £2,000 of dividends are tax free.
9. Capital Gains Allowance (£12,300)
You can earn up to £12,300 from the sales of assets each year. This could be from selling shares in a company, selling property or even jewellery.
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