If you work from home, consider charging business rent to your limited company (you’ll need to set up a rental licence agreement between yourself and your company). If you set the rent figure to be the same as the actual costs, then there will be no personal tax to pay, (although both the rental income and the actual costs still go on your tax return)
Remember to include any dividends that you have received from your company on your tax return. (Also make sure that you have only paid dividends from after tax profits. Check that your dividends are properly minuted, even if it’s just you in the company AND that you have dividend vouchers)
The majority of business expenses should be going through your company’s accounts.
Put your mobile phone into your company’s name (this also means it wouldn’t go on your personal tax return)
Work out whether it’s better to have a company car or to claim mileage.
Remember your personal savings and investment income
There may be more, depending on your individual circumstances.
Keep all your receipts and invoices.
Also keep your household bills, if you are charging business rent to your company.
Unfortunately, Company Directors cannot normally use the “short” tax return.
If you don’t want to complete your own tax return, contact Louise on 01604 288024.