Need tax saving ideas

scarlets79

Hi there
I am the director of many companies which turn over £100,000+ each.
I'm looking for someone who can offer tax advice since I want to minimise what I give to taxman and give more to charity and church
Who can help me
regards
scarlets79

Rolo_Tomasi

Surely as a director of many companies you have an accountant and this should be your first point of contact. A lot will depend on which type of tax you want to minimise and your personal circumstances.

Money_Grabber13579

If you want to give to charity, then use Gift Aids. Doesn't really cut your tax bill, but they can turn your giving less, into more, by getting the tax back, if you see what I mean!

trevormax

with that much money and a few companies involved, you need to speek to a qualified tax consultant/accountant. Some of them do a free 30 min consultation to discuss what they can do for you. If you already have an accountant, speak to him/her.

TM1976

Donating to local charities is tax deductable but donating to national charities isn't.

Donating to the church isn't tax deductable unless it's a registered local charity which is possible, check with you church.

Best advice, which has already been given here, is see your accountant who should have some ideas here.

James_Trimby

First advice is to see your accountant I would say that having lots of companies with relatively small turnovers is, in the first place, not the best way to save tax as it is easy to find one or more companies paying higher rates of corporation tax than would be necessary if all the businesses were in one company. (well aware there could be all sorts of other reasons for your set up) Re charities I have heard of the local charity rules BUT never been sure of them so a 5 min reference book search could not find this restriction. You will only get a deduction from current year profits (you can't make a loss and carry back etc). BUT again you need to sort with your companies Accountant GIFT AID does not work for companies so you would need to get the monies into your hands first (tax efficiently of course!)