Everyone wants to pay less tax, and by following some simple steps it is possible to do so, whilst remaining compliant with the taxman.
Firstly, knowing what business expenses can be offset against your business income is a good starting point. This will reduce your taxable profits, and therefore keep your tax bill to a minimum.
Secondly, taking full advantage of legitimate tax breaks also helps to keep your tax liability low. Here it is best to work with a professional tax accountant, who keeps up-to-date with the latest legislation, enabling small business owners, like you, to maximise your tax position.
Saving tax also requires keeping up-to-date records, as then opportunities are not missed, due to lack of available information.
Using online accounting software, and keeping it up to date, enables easy provision of tax estimates. This way you always have a clear picture of your tax situation, and can make sure you are saving enough throughout the year to cover your expected liability.
Save tax by:
- Claiming the maximum tax relief on your business expenses
- Taking full advantage of all available tax breaks
- Keeping up-to-date records, to keep a close eye on business profits and predicted tax liability
- Avoiding missing deadlines through careful planning
- Work with a professional tax accountant to utilise their experience and knowledge