Are you paying too much tax? This is a very difficult question to answer. If you own a small business in London you need to look at your taxes to make sure you are paying the right amount – it is not a good idea to pay more, or less, than you should. A London accountant is invaluable in helping you see where you can save money on tax. These ideas are also useful for thinking initially about how you can simplify your tax and save some money.
- Think about Family
It can sometimes be possible to use family members within your business, carrying out duties that you need to complete, and using their personal allowance for tax free income. The tax free income is £11,000 and your accountant may be able to look at this in the light of your family situation and help you see ways in which you can save tax.
- Look at Staff Incentives
According to the accountants central london provides, there are many different tax benefits that apply to staff – incentives and benefits that can save you and your staff tax. For example, there is the cycle to work scheme that has been set up to provide up to 25 percent of the cost of a new bike, as well as other incentives like tax free childcare vouchers. Large London businesses regularly use these incentives as part of their tax plan, and there is no reason small businesses cannot also take advantage of the opportunities they afford.
- Get Organised
One of the best things you can do to simplify your tax issues and try to minimise the amount you need to pay is to get better organised. You may not do the accounts for your business but you can still make sure you keep copies of all the things that your accountant will need to do your accounts for you. And you need proper supporting records so that you can put in accurate expense claims and fill out a tax return that will not be returned with disallowances.
- Get the Best Team
And it really does help when you put together a top team for your tax. You only really need one great accountant if you are a small London business. Your accountant should be interested to work closely with you to help you save on your tax bill and simplify the tax process, which will make it easier for you to get your records together when needed.