How to Keep Your Tax Bill Down – the Easy Way
>>> If you would like some tips or suggestions about how to set up a great system in your business or would like us to manage all your bookkeeping needs, get in touch! <<<
For many running your own business is about living the dream to do something you love and being able provide for your family with it.
Making money from your own business means that a lot of cogs need to smoothly work together, generating incoming, keeping your expenses down and also making sure you minimise your tax obligations.
We would like to share some of the things that have helped our clients to keep more money in their own pocket instead of paying it in tax.
First of all, have a fantastic system to keep good records, this is the starting point to be able to pro-actively lower your tax bill.
We recommend you have at least one person in your business responsible for detailed bookkeeping, administration and accounting.
If you don’t have the capacity to use someone within your business, it is worthwhile investing in an online bookkeeping service or accountant.
Keeping accurate and detailed records throughout the year also means that submitting your tax return will be much easier and quicker.
Secondly, take advantage of all the opportunities the taxation legislation offers you to lower your tax bill.
This includes maximising your allowable expenses, expenses you pay for the running of your business.
Examples are utility and phone bills, stationary, rent and professional services you use for your business (bookkeepers, accountants, lawyers). Offsetting business losses is also a great way to lower your tax bill.
Last but not least, make sure you pay your tax on time. If you pay late you will have to pay penalties and further charges.
Remember, our services can be used as an allowable expense to lower your tax bill!