HOW CAN WE HELP YOUR
BUSINESS WITH ADDITIONAL ACCOUNTANCY SERVICES?
Through being a member of the Small Business Advisers Association - a support group of like-minded practitioners; at AAC Ltd we can offer a broad range of skills and experience to you, the client, including advice for specialised and niche markets such as arable farming.
We can also provide you with all the information and important deadline dates that you need to remember from the annual tax calendar, whether you are a company, employer or an individual. In addition, we can point you in the right direction for downloadable forms and other useful links for tax and accountancy services. Talk to us today.
Company Formations and Start-Up Business Services.
ADVICE TO HELP REDUCE YOUR TAX LIABILITY
At AAC Ltd, we can offer top tips to legitimately reduce your tax bill, such as if your spouse/civil partner or child (aged over 13) earns less than the annual single persons allowance and helps out in your business, you can pay them a wage to reduce your taxable profits.
We can also advise you when it is best to buy assets such as equipment, computers, motor vehicles etc to maximise your tax relief and we can help to ensure that you check that the amount of expenditure allocated for private use each year is accounted for to reduce the risk of enquiry.
If your business has made a loss, we can make sure you have claimed relief for the loss by setting it off against profits of the same trade made in earlier years before carrying the balance forward to set against future profits.
Also, just because you don't have a receipt doesn't mean that you aren't entitled to claim for an expense as a business deduction - you just need to be able to provide evidence of the expense. In addition you must keep track of your stock values as this impacts on your profit and therefore the tax you pay.
If you have a limited company, have you considered whether cars used in the business are better owned personally by you or by the business? You will be taxed on a benefit in kind if the vehicle is owned by the company but you can claim a mileage allowance for business journeys undertaken in your own vehicle - at the approved rate of 45p or 25p per mile for cars.
Finally, do you have the right legal structure for your business? If you are a sole trader or partnership paying higher rate tax then you should consider becoming a limited company - talk to us about all your business needs, we're here to help and could save you money along the way.