Making the Most of your Tax Allowances

The Association of Chartered Certified Accountants has released a useful list of tips for small businesses to make receive the most benefit from their hidden tax allowances. The tips include information on the following:

Small profits tax rate: If your companies taxable profits are less than £1.5m, you could pay a lower rate of tax.

Working from home: If you work from a home based office, you can claim for costs such as lighting and heating, and even against your mortgage interest. (Note that if you convert part of your home for work use, you may find yourself liable for business rates).

Clothes/uniforms and tools: If you require a work uniform or need to wear protective clothing, you are entitled to claim the right tax deductions. As well as just the initial purchase cost, you can claim for maintenance and cleaning.

Environmentally friendly transportation: Fuel efficient vehicles are eligble for government tax breaks. It is important to maintain detailed records of your vehicle’s use, as you can claim for the maintenance and running costs.

If you are interested in tax planning services and advice for your business, please contact us today.