Tax saving tips for small businesses in Coventry - Accountants Coventry

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Tax saving tips for small businesses in Coventry

• Cheylesmore Accountants

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Tax saving tips for small businesses in Coventry

• The most important thing is corporate tax
  planning that you have to consider when starting
  a business. In this blog, you can get how to set
  up tax properly, tax-saving tips to make
  important savings.

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Common tax mistakes that businesses make

• There are several mistakes that businesses make
  while sorting out the company accounts and small
  business tax in Coventry. Here are some of the
  most common
• Not separating your business finance accounts
  from your personal which leads to problems in
  arranging taxes and make it more complicated.   
            
• Your bookkeeping takes too long and leaves it
  pending that can lead to a penalty when you do
  not get everything sorted in time.
• Labeling your employees as contractors by mistake
  or by an objective.
• Unaware of tax opportunities available to you.

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Tax saving tips

• 1. Choose the Right Structure
• First, you will need to decide a tax-effective
  structure such as limited company, sole trader,
  individual, or something else. It can make a huge
  variation of how much tax you need to pay.
• 2. The benefit of tax-free benefits
• You may be able to take tax-free benefits such as
  mobile phones, health checkups, and staff
  parties, so treat your office staff and get
  tax-free advantages.

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Tax saving tips

• 3. Pay yourself in a tax-efficient way
• You should ensure that you are paving yourself in
  an efficient manner. For instance, if you are a
  company, you could pay yourself a salary along
  with dividends as an employee.
• 4. Stay organized and claim for everything
• Organized finance and accounts in advance can
  avoid missing out on expenses that you could
  claim for. And you will able to utilize more time
  getting your taxes in systematic order.

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Tax saving tips

• 5. Work with a professional accountant
• A professional and well-experienced accountant in
  Coventry can assist you to save your money on
  taxed by allows you to take benefit of corporate
  tax opportunities while providing other
  advantages to help your business grow.

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Tax saving tips for small businesses in Coventry

• Kindly get in touch today via call on 02476017778
  or email at info_at_cheylesmore.com or website
  https//www.cheylesmore.com/ and our accountants
  in Coventry will help you in each stage of your
  business.

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Tax saving tips for small businesses in Coventry

• THANK YOU