These are our Tax Saving tips for Business Owners
1. Trade as a limited company. Gives you more opportunities to reduce tax
on earnings and get tax free benefits.
2. Maximise your pension contributions. The contribution levels available to a director are far greater than to a sole trader.
3. Employ family members and spouse in the business.
4. Get an electric car up to cost of 50,000 and pay no Benefit in Kind
5. A Company can pay you or any employee a 500 euro tax free voucher each year.
6. Avail of Retirement Relief on the sale of your business.
7. Avail of Entrepreneur Relief on the sale of your business. CGT 10% on first 1m.
8. Get tax deductions for cars internet and telephones.
9. Avail of the annual CGT exemption of 1270 euro.
10. Claim tax free E workers allowance if you are working from home