Lawrence Grant LLP

🚗 Cut Costs with Travel Deductions
Mileage allowance can be a major tax relief for an employee or self employed using their own car for business trips—if business mileage is for the approved amount.
📌 Tip 1: Keep a log of business journeys and mileage.
📌 Tip 2: Claim 45p/mile for the first 10,000 miles .
📌 Tip 3: Don’t forget travel for client meetings & training.

📞 Lawrence Grant helps maximise travel deductions.

Did you know… lack of proactive personal tax planning is where high earners lose the most?

It’s not about how much you earn—
it’s about how it’s structured.

Without a personal tax advisor or personal accountant:

• Inefficient Dividends vs Salary Structures
• Unused allowances and Reliefs
• Investments are poorly positioned

Effective tax advice focuses on forward planning, not retrospective fixes.

Did you know… most small businesses in London overpay tax every year?

Not because they earn more—
but because they don’t structure correctly.

• No long-term tax planning
• No use of efficient ownership structures
• Ignoring Director/Shareholder strategy - just year-end compliance
• Missing allowances
If you are relying on a small business accountant just to “file and finish,”
you are likely to be missing opportunities in tax planning and should get a London tax accountant's advice.

The gap between compliance and strategy is where money is lost.

Did you know… a Family Investment Company is not just a “wealth tool”—it is also a control mechanism?

Compared to holding investments personally:

• Corporation tax on profits can be lower than personal rates
• Dividends can be distributed strategically across family members
• Control stays with directors, not necessarily shareholders

But it only works when aligned with long-term objectives—not set up as a trend.

Structure without clarity creates complexity, not efficiency.

🏢 How Much Corporation Tax Will You Pay?
Know the latest corporation tax brackets for your business.
📌 Tip 1: Small profits rate 19% for profits under £ 50,000.
📌 Tip 2: The Main rate is 25% for profits over £250,000.
📌 Tip 3: May be entitled to ‘Marginal Relief’ if profits are between £50,000 and £250,000.
📌 Tip 4: The above limits are also proportionately reduced by the number of associated companies your company has.

📞 Lawrence Grant helps businesses stay tax-efficient.

🚨 Key Tax & Compliance Updates You Need to Know 🚨

HMRC is introducing big changes – are you prepared?

Our July 2025 Business Focus Newsletter breaks down the most important updates for small and medium-sized businesses, including:

✅ PAYE option for High Income Child Benefit Charge
✅ Making Tax Digital – what’s coming and when
✅ Right to work checks for gig-economy staff
✅ Umbrella company reforms from April 2026
✅ Payrolling benefits in kind – new deadlines
✅ Late payment interest up to 8.25% – what this means for your cash flow

💼 Whether you're managing payroll, compliance, or planning ahead, this is a must-read for directors and business owners.

👉 Read the full update here: https://www.lawrencegrant.co.uk/news/newsletters/july-2025

🚀 Launching a Business? Watch These Traps
Early tax errors can cost a lot—start smart.
📌 Tip 1: Register for VAT at the right time.
📌 Tip 2: Don’t forget to set aside funds for corporation tax and/or, income tax, and VAT (if applicable).
📌 Tip 3: Keep business and personal finances separate.
📞 Lawrence Grant supports startups with tax strategy.

Did you know… many UK residents with overseas income unknowingly trigger double taxation?

Common scenario:

• Income earned abroad and tax paid overseas
• Improper reporting of overseas income on self-assessment tax returns
• Incorrect or incomplete claim for UK relief

Outcome:
Tax paid twice—or relief not fully utilised.

Double taxation agreements exist, but they require correct interpretation and reporting.

This is where most “general” accounting support falls short.

Did you know… poor bookkeeping is no longer just an administrative issue—it is becoming a strategic risk?

Inaccurate records affect:

• Cash flow forecasting
• Lending applications
• Tax planning accuracy
• HMRC compliance
• Fraud vulnerability

Weak financial visibility leads to weak business decisions.

Did you know… HMRC enquiries often begin with inconsistencies rather than major errors?

Examples include:

• Lifestyle not matching reported income
• Repeated losses
• Irregular VAT reporting
• Large unexplained movements

Minor inconsistencies often attract major attention.