5 Essential Tax Tips Every Small Business Should Know
Running a small business can be incredibly rewarding, but staying on top of your tax obligations can feel overwhelming.
At Auxilium, we’re here to make things simpler for you.
Here are five essential tax tips to keep your small business thriving:
Keep Accurate Records
Good record-keeping is the foundation of smooth tax reporting. Track your income, expenses, and receipts diligently. There are a number of digital tools and software that can make this task much easier and we would be happy to advise you on this and work with you through the implementation.
Understand Your Allowable Expenses
Many small business owners miss out on tax savings by not claiming all allowable expenses. From office supplies to mileage for business travel, make sure you’re not leaving money on the table.
Plan for VAT Registration
If your turnover exceeds the VAT threshold, you’re legally required to register. Even if you’re below the threshold, voluntary registration might benefit your business. Assess your situation carefully.
Set Aside Money for Tax
Tax is an inevitability so don’t wait until the tax deadline to think about payments. Set aside a portion of your income for tax purposes to avoid nasty surprises.
Seek Professional Help
Tax laws change regularly, and it can be tricky to keep up. A professional accountant can save you time, money, and stress while ensuring compliance.
Auxilium means assistance and that’s what we are good at. Get in touch now to get some advice or get started on a professional footing.
