If you run your own business, are a company director or a high net worth individual you will need to complete a self-assessment tax return each year. This can always be a stressful time, especially if you haven’t kept all your financial records in order.
As you probably already know you can get tax relief on your pension. The amount of tax relief can vary depending on your level of earning. Plus there are annual and lifetime limits to how much tax relief you can get on pension contributions.
Prior to its April update, the government viewed the taxation of dividends as a complex process that was in dire need of change. Many people were choosing to work via their own limited companies to save tax due to the high rate of corporation tax that was present at the time.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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