1. Stock valuations
   Stock is normally valued at cost, but can be valued at net realisable value if this is a lower figure. If you have stock which can be valued on this basis then this will reduce your tax bill.
   
   
2. Company cars
   You can claim 100% capital allowances for cars which have CO2 emissions of 120g/km or less. Such cars will also produce lower taxable benefits for employees who have company cars. Details of cars that qualify can be found at www.vcacarfueldata.org.uk
   
   
3. Fuel/water-efficient equipment
   As for cars, if you buy energy/water saving equipment, then 100% tax allowances can be claimed.
   
   
4. Partnerships with spouses
   If you are self-employed and a 40% tax payer, it is good tax planning to consider bringing your spouse in as partner in the business. There should be a good commercial justification for the partnership. Check with your accountant so he or she can number-crunch the figures to advise on this.
   
   
5. Transferring company shares to spouses
   It may be tax-efficient, if you own a company, to transfer some shares to your spouse. Again it depends on individual circumstances and so advice should be taken. HMRC do not like arrangements which they call 'income shifting' and are planning legislation to counteract this in 2009, which is why it is important to get advice.
   
   
6. Newly self-employed
   If you have just become self-employed for the first time, you must notify HM Revenue & Customs within three months, otherwise there is an automatic £100 penalty. You can find the necessary registration form CWF1 on the Revenue's web site: www.HMRC.gov.uk.
   
   
7. Transfer of trade into a limited company
   If you are a higher-rate tax payer and retaining profits in your business, then you may well benefit from incorporation. If you have built up goodwill in your business, then you could sell this to your limited company. Yes, you will pay some tax, but possibly at the rate of 10%. Again, individual advice is needed, so if you think you could benefit make sure you consult your accountant.
   
    
8. Disincorporation
   Many small businesses incorporated when we had the nil rate and then 10% rate of corporation tax.  These have now gone and the rates of corporation tax are increasing, whilst personal tax rates are decreasing. It may be an appropriate time, therefore, to consider disincorporation.
   
   
9. Use of home as office
   Many small businesses use a room in their house for business, even if it is just to write up the business records. The HMRC has recently relaxed the rules regarding the expenses that can be claimed in this manner. A note of caution: if you use one room exclusively for business then there are possible capital gains consequences. You must ensure therefore that there is no exclusive use in this way. Click here for more information.
   
   
10. Salary versus dividends
    If you are a company director, are you sure that your remuneration package is being paid in the most tax efficient way, for example, by reducing salary and increasing dividends?
    
    
11. Annual Investment Allowance
    From 6 April 2008 (1 April for companies), there is a new allowance for expenditure on capital equipment (excluding cars). This is £50,000 per annum so expenditure up to this amount gets 100% write off. This is in addition to the energy allowances etc.
    
    
12. Integral fixtures and fittings
    If you buy a commercial building, either new or second-hand, there are integral fixtures & fittings-tax allowances which can be claimed. This is an area which is often missed.

About the author
Pat Cobham is a partner in Cobham Day, a firm which focuses on tax consultancy, whilst offering all the normal accountancy services. Visit www.cobhamday.co.uk to find out more.