Another effective way of pay less tax for small business owners is to build up a retirement pension pot.
Most business owners are not aware that they can contribute up to £3,600 every year into a pot, regardless of their earning levels, and they can also contribute for their employed partner too....Click for Small Business Accountants
The law is very clear that you cannot access this pension pot before the age of 55, unless you have very special circumstances.
Consult with your accountant to see what they recommend, after all you are paying for their experience and advice. You may find that they recommend switching funds from low-paying interest accounts into a cash ISA which carry better rates and you will have access to the money in times of need.
It’s also important that you claim all of your expenses from your business, insure you and the business properly and to make sure you don’t pay yourself more than £100,000 a year.
Another obvious idea is to file your tax returns on time and avoid the fines that will be incurred and you should be working with an accountant to ensure that this happens on time and correctly.
Here at Yorkshire Accountancy we are always willing to help clients and potential clients with advice and to pay less tax, so contact us now to see what we can do for you. Call us at 01482845750
Most business owners are not aware that they can contribute up to £3,600 every year into a pot, regardless of their earning levels, and they can also contribute for their employed partner too....Click for Small Business Accountants
The law is very clear that you cannot access this pension pot before the age of 55, unless you have very special circumstances.
Consult with your accountant to see what they recommend, after all you are paying for their experience and advice. You may find that they recommend switching funds from low-paying interest accounts into a cash ISA which carry better rates and you will have access to the money in times of need.
It’s also important that you claim all of your expenses from your business, insure you and the business properly and to make sure you don’t pay yourself more than £100,000 a year.
Another obvious idea is to file your tax returns on time and avoid the fines that will be incurred and you should be working with an accountant to ensure that this happens on time and correctly.
Here at Yorkshire Accountancy we are always willing to help clients and potential clients with advice and to pay less tax, so contact us now to see what we can do for you. Call us at 01482845750
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