The weekly top 5 tips post is always full of helpful hints and advice for small, home and micro business owners.
1. Tax planning is essential if you are serious about reducing your costs over the long-term. There are many ways for a small business to minimise their tax burden or spread it out over a longer period of time; any good accountant should be able to advise you about this.
2. Meeting HMRC tax submission and payment deadlines are important because failure to pay on time will result in fines. These will be added to the total amount that you have to pay. Be careful as incorrect submissions will also result in fines.
3. Many small businesses are entitled to numerous tax breaks that they aren’t even aware of. For example, some industries are so important to the economy that the government will even contribute towards your research and development costs. Do some research on tax relief or ask your accountant.
4. A common mistake that small biz owners often make is failing to keep their personal finances and those of the business completely separate. Sharing a bank account with a business will inevitably lead to confusion and increase the likelihood of a tax inspection.
5. Shop around for new suppliers whenever it is time to renew contracts. This applies to everything that you pay for: broadband, insurance, utilities and so on. You will be amazed at how much money you can save just by being a bit more savvy.