As we move closer to the deadline for tax returns, we have been looking at how business owners can make their businesses more tax efficient.
Tip Number Three: Invest in your business.
Investing in your business can be very tax efficient, and can also help you with growth, efficiency and recruitment depending on what you are investing in.
When you invest, you are in effect spending money which is then offset against your profits, thereby reducing your tax liabilities. Of course, there’s no point spending money on things that aren’t going to benefit your business, allowing you to grow and increase your profits in the longer term.
Investments you could consider:
• Office equipment
• New software and technology
• Staff Training and development
• New product development
• Additional staff
If sorting out your tax return is something you dread, we are here to help. We understand tax and will help you get your finances into shape ready to file.
Please talk to our team of accountants for practical advice for business owners.