Can you imagine how great it would be if taxes never existed? But that is not going to happen, because we need taxes – nobody will disagree that all of us need to contribute to building hospitals or running schools. So why is it then that the word tax immediately has a negative connotation? Well it is simply because taxes are too high and the system is too complex so we all look to some positive ideas to minimise our tax burden within the rules. Here are some simple tips:
You’re self-employed right? Did you know that you can boost your cash-flow by choosing an accounting year that ends early in the tax year? You can even take advantage of the Annual Investment Allowance (AIA) which allows you to claim on capital expenditure on items such as tools and computers. Prepare your tax returns early – you don’t know what might happen in between and if it turns out that you owe money and you end up filing late, you’ll waste money paying interest and possibly penalties. You see it pays to plan ahead.
These are just a few examples. You don’t need to have a complex corporate structure, or move abroad etc. There are some robust tools available to assist you with reducing your tax burden. I’m in the accounting business so I would love to work with you and make sure you can benefit from my expertise and qualifications (the boring bit is that AIMS are all qualified accountants but the exciting bit is that whilst we focus on the numbers you can focus on developing and running your business – and surely that is more exciting for you).
If you like the way we think – you will like the way we work.
AIMS Accountants for Business are the largest independent association of professionally qualified accountants in the UK specialising in accountancy for small, local and independent businesses. AIMS are no ordinary accountants and we are more than just number crunchers! Find your local AIMS Accountant.