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Three Ways That You Can Save Tax as a Small Business.

Like it or not, we all pay taxes and for small businesses it can sometimes be a complicated area. At O’Boyle Accounting & TAX, we will be able to give you some guidelines, some dos and don’ts and will usually be able to help you find ways to some money on your tax bill.

1. Spend more time doing what you do best in your business.

Many small businesses attempt to keep on top of their own bookkeeping and tax issues. It may seem like a good idea in principle, but are you really the best person to be doing that and how much does that take you away from leading your business and earning revenue? Let the experts do what they do best and lift the weight from your shoulders.

2. Understand VAT

VAT can often be a minefield to navigate without experience or guidance. It is vital that you make sure you are paying the right amount. For the right business, the Flat Rate VAT scheme can help you to make more profit. Also, it’s important to prepare your first VAT Return correctly and we can help you claim back pre-registration VAT costs.

 

3. Choose the right business structure, Sole Trader, Partnership or Limited Company and we can help you with the most tax efficient way to take money out of your company (salary, dividends, director’s loan, vehicle purchase etc) 

 

 

As always if you have any questions regarding tax advice, whether it’s income or capital gains tax, please send us an email info@oboyleaccounting.com or call us on 028 91469054

 

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