What small businesses need to be aware of in order to avoid onerous tax bills

  Corporation tax isn’t just the premise of large companies. All UK companies face a 19% tax on profits for the year 2018, including ‘small profit’ companies which make £300,000 or less in annual profits. However, there are a few things that you can do to reduce your taxable profits if you’re a small business owner: Keep a clear record of your operating expenditure The general rule is that anything that counts as operating expenditure – like investing in company equipment – can be deducted from profits before they are taxable. Depreciation charges, however, are not tax deductible. A clear Read More