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
Personal taxation
Director’s Self-Assessment – If you are company director you might be required to file a personal Self-Assessment, even if you are employed by your own company and pay taxes through payroll, for example if you withdraw money as a dividend.
Income from property – You might decide to invest in the property market, buying, renting out or selling properties personally, you therefore need to declare the profits from those activities.
Capital Gain tax – You might gain a profit that is received through the sale of a capital asset. Depending on what you are selling, certain assets become taxable and will need to be declared.