14 CRAFTBUTCHER l MARCH 2018
HOW TO SAVE ON TAX - THREE WAYS AT ONCE
FINANCE
Te winning line up!
HMRC is a bit like the piper. Tey always get paid. But you can minimise how much you need to give them. If you’ve incorporated your business and are looking at ways to extract the profits in a tax efficient way then you’ll want to keep reading. Te dividend rules
changed in 2016, severely limiting your options when it comes to paying your profits out of your company by way of dividends. But, there is another way. If you’re planning for the
long term, and don’t need instant liquidity, you can arrange for the company to pay a pension contribution in lieu of taking the profits immediately. Tis will significantly reduce the tax you have to pay on the sum. If the payment is below the annual allowance (£40,000 in
most cases), not only is there no potential personal tax charge, but you can also use it as a tax allowable cost within the company if there are enough profits to cover. So, you get to increase
your pension fund tax free, and save on corporation tax within your company. Tese funds immediately fall outside your estate as you can nominate anyone to transfer your pension funds under a favourable tax regime ensuring no inheritance tax liability down the line. You save on personal tax,
get relief on your private pension plan and pay less corporation tax. Win. Win. Win.
For more advice on how to
minimise your tax obligations and how to like your tax, get in touch with your local AIMS Accountant. To find out more call 020 7616 6629 or go to
www.aims.co.uk n
ISN’T IT TIME YOU WERE IN THE LOOP
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FEDERATION MEMBERS MAKE THE CUT AT THE SMITHFIELD AWARDS
30 years, were announced at a sumptuous luncheon ceremony at Stationer’s Hall in London, by principal guest, broadcaster and food expert, Nigel Barden. Te awards were judged
AT the recent prestigious Smithfield Awards ceremony, held last month, NFMFT members Allan Bennett, Cranstons and Martin Player all picked up category awards for best in class. Additionally, many members also collected, diamond and gold awards for products entered. Run by the Q Guild of
Butchers, the Smithfield Awards are widely regarded as one of the meat trade’s most high profile and challenging events and recognises and rewards butchers for the excellent products that are being produced across the UK. Te awards, which have been running for
by an independent panel of international food and meat industry experts at City of Glasgow College’s state of the art facilities. Mark Turnbull, former
Chair of the Q Guild of Butchers said: “Te Smithfield Awards are always a celebration of butchers who are at the top of their game, combining traditional skills and knowledge with innovation, great taste and immaculate sourcing. Te 2018 award winners demonstrate this superbly. Tese butchers are custodians of a proud tradition of local artisan butchery and I’m delighted to celebrate their success.” Details of all winners can
be found at www.qguild.
co.uk n
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