If you’re a small business owner, you know all too well that taxes are one of the most important factors in your business. They can also be one of the most confusing areas to navigate.

Tax planning is key to keeping your business running smoothly and making sure it’s profitable enough to keep going. And as a small business owner, there are a few things you need to know about effective tax planning strategies.

1) Use the services provided by Zero Tax Accountants.

We understand how small businesses work so we can advise you on the best ways to minimize tax liabilities and maximize deductions while still being compliant with all relevant laws and regulations governing your industry sector within the UK

2) Know how to claim deductions

You may be surprised at how many deductions there are for small businesses, but it’s important for tax purposes that you know what they are and how to claim them. Here are some common ones:

-Business expenses such as travel and entertainment (up to £300), subscriptions, office supplies, equipment purchases, etc.

-Unreimbursed employee expenses including vehicle costs, uniforms/clothing costs for uniforms (up to £1000 per employee), mobile phone bills etc.

-Donations made by your company or employees (up to £4000 per year).

3) Set up payroll accounts early on in your company’s life cycle so you can take advantage of tax savings later on when they’re set up correctly with HMRC

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