Maximizing Tax Deductions with Fixed Rate Expenses: A Guide for Small Businesses
Are you a small business owner looking to simplify your tax deductions and reduce the hassle of record-keeping? If so, you might want to consider
Self Employment
Self-Assessment – You can be a partner in a partnership or work as a Sole Trader. Regardless of the form of your business, you are required to submit a yearly self-assessment to HMRC reporting the details how much you’ve earned and your sources of income, which enables you to work out your Income Tax and National Insurance payable.
CIS – Construction Industry Scheme regulations must be applied if your business offers services as a Constructor or/and Subcontractor.
Vat – monthly, quarterly, or even yearly calculations and submissions could be complicated especially if your business is trading overseas or selling a specific type of product where additional rules and procedures apply.