Every business wants to maximise their profits whilst minimising their tax liability, and there are many ways to achieve this.
Minimising your tax liability will depend on your specific circumstances.
Would you save more money incorporating your business, or are you better being a sole trader or partnership?
HMRC give you tax free allowances each year, are you using this to its maximum potential?
From 6 April 2016 new rules came into play regarding the tax of interest and dividends; have you been told about these? Are you aware of the best way to organise your profit distribution?
Even if you haven't reached the compulsory level to register for VAT, this doesn't mean you shouldn't register now, it may save you money depending on your circumstances.
The vast majority of employers in the UK are entitled to claim up to £3000 back from their Employer National Insurance liability; have you claimed it?
Some businesses are not aware there are certain tax credits available to businesses. Things such as Research and Development Tax Credits are available to certain businesses, as are Integral Feature Capital Allowances. There are also other things that businesses can claim but often forget about!
Give us a call here at Cheadles and we can discuss ways for you to minimise your tax liabilities.Get In Touch