Tax saving tips for small businesses #smallbusinesssaturday
Small Business Saturday took place on 5th December 2015 and we got involved in the action by posting our favourite tax saving tips on social media.
In case you missed them, here's a summary:
Employers can save up to £2,000 on the National Insurance contributions they pay for their employees each year. https://www.gov.uk/employment-allowance
If you work from home you will be able to claim a deduction to cover part of your home running costs. HMRC allow (a modest) £4/week flat rate without requiring any evidence. If you spend a significant amount of time working from home then it is likely you will be able to claim more using the "appointment method". Please contact us for further information if you would like help with this.
Put any mobile phone you have in your business name and all costs of the phone are deductible for tax purposes (you do not have to split business and non-business calls)
Are you aware of the VAT Flat Rate Scheme? You pay a flat rate of VAT to the HMRC based purely on your sales within your industry. You could save time and money by utilising this scheme within your small business. https://www.gov.uk/vat-flat-rate-scheme
Did you have a staff Christmas party? Did you know you can spend up to £150 a year per person on entertaining employees? If you haven’t utilised it yet, then it could be time to give you employees a night out as a deductible cost!
DMF Accountancy can help you save money in running your business, contact us to arrange a consultation and we will be helping you cut some costs in no time!