5 Top Tips for business owners

5 Top Tips for business owners

1. Make pension contributions to yourself from your business.
2. If you file your tax return before 30 December and the tax you owe is under £3000 it can be added to your 24/25 tax code, so you don’t have to find the cash by 31 January’ 24.
3. If you’re expecting a tax refund, filing early means you’ll receive your money sooner. This can be really useful if you want to use the refund to pay off debts, make investments, or cover other financial needs.
4. From 1st April 2023, the 19% corporation tax rate remains the same for profits below £50,000 but rises to 25% on profits above £250,000. With an even higher marginal rate of corporation tax for profits between £50,000 and £250,000, we can help with these and other recommendations to manage your tax rate.
5. Clients forget about mobile phones, make sure the contract is in the company name and claim the cost.

Our accountants are business owners just like you – so they understand what you’re going through. Talk to us and let’s see if we can help.