1) CLAIM EXPENSES
The simplest way to reduce taxes is to claim expenses. Did you know that you can claim for less obvious things such as:
- Working from home costs
- Mileage for business travel
- Mobile phone
- Professional subscriptions/memberships
- And much more!
2) TAX RELIEFS
HMRC offer a wide variety of reliefs depending on your situation. A couple of these are:
- Married and your partner has no income? Make sure you’re using the marriage allowance.
- Are your self employed expenses less the £1,000? The trading allowance gives you a £1,000 deduction instead of using your expenses.
3) BUSINESS STRUCTURE
Depending on how much profit your business makes, exploring different business structures may give you tax benefits as well as business benefits. Ask our accountants about:
- Sole traders
- Partnerships
- Limited Companies
- Limited Liability Partnerships
- And more!
Did you know? On an average income of £50,000 some of our clients have managed to save £3,000 in taxes by converting to a limited company.
4) FINANCIAL ADVICE and BUSINESS CONSULTANCY
Accountants aren’t just there for the numbers. With a large variety of clients and an extensive knowledge of the business world, we can help you with key business decisions and ensure you are as financially efficient as possible.
Get in touch to find out how we can help you.
