Tax tips

Tax Saving Tips for Small Business Owners

As we approach the end of 2011, the new financial year is almost upon us. It’s time for small and medium size businesses to focus on all matters relating to their tax strategy and ensure everything is in place to plan effectively. If you happen to be a small business owner, this guide will give you some valuable tax saving tips to help you make savings on your tax bill.
There are number of ways you can minimize your tax burden:

Speed up your expenses

Small business owners are generally cash basis tax payers. By paying bills in advance, you can increase the deductions by the year end. You can also think of putting your money in couple of retirement plans. There are number of effective groups all across the country, choose the one which suits you the best. Small size businesses can employ these simple ways to minimize their tax burden.

One of the ways in which you can reduce the tax burden, is to invest in assets before the end of the financial year. Purchasing new hardware, updating office equipment and additional office supplies are various ways you can use business investments to reduce the tax burden. Offering incentives and perks to your employees can also be used to alleviate your tax burden.

Defer all your income

Any payments your business receives in the first week of the new financial year, decreases your tax bill for the current tax year. Every pound of income deferred before the new financial year will help you reduce the tax burden. Deferring your income tax can be a good way for small or proprietor based businesses and can also be beneficial to larger groups to some extent.

Keep your records updated

Small businesses in particular, may not feel confident with the process of keeping records and many feel procedures could be improved. Without accurate, up to date records, potential tax savings could be lost. One solution is to outsource this process to experienced professionals that specialise in this field. By outsourcing this process, you can feel confident your records are accurate and any potential tax savings can be easily identified and exploited.

Taxless is a firm of Chartered Certified Accountants, specializing in providing accountancy services and tax advice to small and medium businesses in the Surrey and London area UK. Services include tax advice, Limited company tax, payroll services UK, personal and business tax, book keeping services, e-commerce accounting and stock control.

Taxless aim to provide a high standard of service to our clients and as a small practice, we are able to focus on our clients’ needs to provide a tailored service. Our experienced team believes in developing long term working relationships which allows us to help our clients plan for and meet their future business and personal objectives.

For further information please contact:

Taxless (UK) Ltd,

Meadowsong, Reidon Hill, Bisley, Woking, Surrey.

Telephone: +44 (0) 1483 474663
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Site: www.taxless.co.uk

Taxless (UK) Ltd

Quotes about Taxless

  • After speaking to a number of accountants, I called Taxless to arrange a meeting. They very kindly agreed to a home visit after office hours for the initial interview. I was impressed by their extensive background and knowledge and felt that after explaining the way Taxless works, the services and charges, I was confident to appoint them immediately.

    MD, Consultancy Practice

    It’s been like having one’s very own financial director, business advisor and management consultant all rolled into one – and with only a fraction of the fees! Not only has Taxless helped balance the books, audit accounts and follow the increasingly complex maze of corporate regulations but they provided practical and sensible advice at every stage, along with suitable encouragement during the tougher moments any business owner faces.

    MD, Software Company

    … Taxless proved invaluable with their pro-active advice. This has meant that I am aware of areas that give cause for concern and am able to react sooner rather than later. They also helped me to identify fast moving stock items and to reduce inventory costs. All this has meant that I am better informed in controlling the business than with an accountant who is purely re-active, only visiting and giving input once or twice each year

    Director, Retail Company