No one likes taxes, especially small business owners. Here at the Chichester Accountants we’re committed to helping you reduce your tax spend by making you aware of the areas that you could be saving on. Want to know more? Keep reading…
Take advantage of opportunities
There are lots of tax relief opportunities available for small businesses and individuals. Saving on taxes is all about being aware of the types of tax relief available and understanding which ones can legally be applied to your situation. Although we always recommend consulting with your accountant when it comes to tax reduction opportunities it doesn’t hurt to be informed of where you could be making savings:
Accuracy helps avoid unnecessary expenses
Taxes and tax returns are often the bane of a small business owner's life. You might even liken them to taking the bins out, letting things pile up until you have no choice but to deal with them. We don’t blame you. As discussed in a previous blog (do small businesses need an accountant) 64% of small business owners find that tax is too complicated, and that they lack the skills and expertise required.
So what does this have to do with saving money on your taxes? Lack of accuracy and a ‘that will do’ approach can lead to overpayment or underpayment of taxes. Underpayment you say? Great! Not so much when you end up in HMRC’s bad books and you’re lumbered with a fine for careless record keeping. If you’re uncertain about (or don’t have time to complete) your VAT return, income tax return or corporation tax return there’s always a solution! Leaving it the hands of a qualified accountant will be more cost effective than dealing with late returns fines and being hounded by HMRC further down the line.
Knowledge is power
Knowing the ins and outs of taxes will not only ensure that you stay on the right side of the law, it will also help you make tax-friendly business decisions more easily:
Your tax saving opportunities are as unique as your business. Although this blog shares some ways to save on your taxes we can’t stress enough the importance of having an accounting professional by your side. We’re here to make sure you’re never paying more than you need to, just give us a call on 01243 532490, or email email@example.com.
This blog was written by Monica Jervis, small business owner, founder of the Chichester Accountants and qualified accountant. If you’ve got any questions don’t hesitate to get in contact on Twitter, Facebook or Google+.
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