If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses. Tools and Equipment: Cost of purchasing or hiring tools and equipment necessary for the job.Materials and Supplies: Expenses related to purchasing construction materials and supplies.Travel Expenses: …
Forming a limited company provides two primary benefits: limited liability and potential tax efficiency. Limited liability ensures that the company’s debts belong to the company, safeguarding personal assets from financial obligations, in contrast to the sole trader’s personal liability for debts. Additionally, as a director of a limited company, you extract funds from the business …
The Employment Allowance is a program designed for specific limited companies to decrease their annual employer’s National Insurance Contributions (NIC) by a maximum of £5,000 per tax year. Eligibility for this allowance requires that your company’s National Insurance liability was under £100,000 in the previous tax year and that the company employs at least one …
In the realm of small business management, the adage “time is money” couldn’t be more apt. Every minute you spend managing your finances is a minute that could be better invested in growing your business. One of the most impactful ways to free up your time and improve your financial health is by outsourcing your …
The Hidden Gem of Business Success: Professional Bookkeeping for Small Enterprises Read More »
As a small business owner, you’re accustomed to wearing multiple hats – from CEO to accountant. While managing finances is just one aspect of your role, it’s a critical one. One key element that should never be overlooked is tax planning. Tax planning isn’t just an annual chore to complete by April 15th; it’s a …
Maximizing Your Profits: The Power of Tax Planning for Small Businesses Read More »