7 Small Business Tax Tips!!
- Claim against your profits for items you bought prior to starting your business but which you now use in your business e.g. mobile phone, laptop, software, stock, etc.
- If you work at home remember to claim against your profits for the use of your home as office.
- If you register as self-employed part way through the tax year but were employed before that date you may be entitled to a tax refund on the PAYE paid so far.
- If you are self-employed consider transferring your business to a limited company – there are tax savings to be made on the way that you take your profit out of the business.
- If you do have a limited company put your mobile phone in the name of the business and you can claim all the costs of the phone and not just business calls.
- Again, if you do have a limited company set up a pension through the company and claim the costs of this against your profits.
- Claim for mileage for your business trips at 45p / mile for the first 10,000 miles and 25p / mile thereafter. You can also claim 24p / mile if you use a motor bike or 20p / mile if you use a bicycle.
Don’t forget that a trip to the bank to put in takings is a business trip if made solely for that purpose!