Tax saving tips for small businesses in Coventry

The most important thing is corporate tax planning that you have to consider when starting a business. In this blog, you can get how to set up tax properly, tax-saving tips to make important savings.

Common tax mistakes that businesses make

There are several mistakes that businesses make while sorting out the company accounts and small business tax in Coventry. Here are some of the most common:

  • Not separating your business finance accounts from your personal which leads to problems in arranging taxes and make it more complicated.              
  • Your bookkeeping takes too long and leaves it pending that can lead to a penalty when you do not get everything sorted in time.
  • Labeling your employees as contractors by mistake or by an objective.
  • Unaware of tax opportunities available to you.

Tax saving tips

1. Choose the Right Structure

First, you will need to decide a tax-effective structure such as limited company, sole trader, individual, or something else. It can make a huge variation of how much tax you need to pay.

2. The benefit of tax-free benefits

You may be able to take tax-free benefits such as mobile phones, health checkups, and staff parties, so treat your office staff and get tax-free advantages.

3. Pay yourself in a tax-efficient way

You should ensure that you are paving yourself in an efficient manner. For instance, if you are a company, you could pay yourself a salary along with dividends as an employee.

4. Stay organized and claim for everything

Organized finance and accounts in advance can avoid missing out on expenses that you could claim for. And you will able to utilize more time getting your taxes in systematic order.

5. Work with a professional accountant

A professional and well-experienced accountant in Coventry can assist you to save your money on taxed by allows you to take benefit of corporate tax opportunities while providing other advantages to help your business grow.

Kindly get in touch today via call on 02476017778 or email at info@cheylesmore.com or website https://www.cheylesmore.com/ and our accountants in Coventry will help you in each stage of your business.


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