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Tax tips for small business owners

Make your business as tax-efficient as possible as the environment gets tougher
Tax tips for small business owners
  • When setting up a business you should consider whether it is more tax-efficient to structure it as a sole trader or limited company
  • If you set up a limited company, you can combine dividend payments with a salary to keep your overall tax bill down
  • A number of expenses relating to your business are tax deductible

Pressures are mounting on small business owners and those who aspire to work for themselves. With annual inflation approaching double digits and energy prices up significantly more, households have been cutting back on spending. Retail sales fell at an annual rate of 1.1 per cent in May and borrowing costs are going up – the Bank of England recently raised interest rates to 1.25 per cent and indicated that there will be more rate rises. So now more than ever, it is important to run your business as efficiently as possible.

 

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