Make Your Business Tax Efficient - Comprehensive Solutions by CFO Horizon

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At CFO Horizon, we provide comprehensive accounting and compliance services designed to empower firms like yours to thrive and succeed.

What Taxes to Know?

Deductible Expenses in Your Business

A savvy method to curtail your tax liability involves leveraging legitimate deductible business expenses. Consider this sampling of eligible categories:

Office Costs

Encompassing basic stationery to phone bills, every essential for your workspace qualifies.

Travel

From fuel to train and bus fares, even parking expenses fall under this category.

Staff Welfare

Any expenditure incurred related to staff and welfare activities can be claimed as expenses.

Staff Costs

Both salaries and subcontractor costs are recognized, contributing to potential deductions.

Stock and Raw Materials

Anything procured for resale can qualify as a deductible business expense.

Financial Outlay

Bank charges and insurance premiums fall within the ambit of legitimate deductions.

Running Your Premises

From heating and lighting to business rates, all associated costs are deemed legitimate.

Marketing

Advertising and marketing expenditures, including investments in your website’s upkeep, are eligible for deduction.

Boost Cash Flow with VAT Accounting

While VAT accounting might seem mundane, it can enhance your cash flow if approached strategically.

Consider this: you can receive VAT income and retain it briefly before disbursing it. This tactic grants you access to liquid funds precisely when you need them most. Uncover simple tips to prolong your cash retention:

01

Optimize Invoice Payments

Set up invoices for swift payment, strategically aligning them to postpone VAT settlement until the subsequent quarter.

02

Negotiate Supplier Terms

Negotiate terms with suppliers that afford you maximum flexibility in settling payments, providing a cushion for your cash flow.

03

Strategic Timing for Business Expenses

Time significant business expenses, especially high-value purchases, toward the end of the quarter or just after the VAT return period. This strategic timing effectively trims your VAT bill.

04

Explore the 'Flat Rate' Scheme

For businesses with a turnover of up to £150,000, delve into the advantages of the ‘flat rate’ scheme. This simplified approach allows you to pay a predetermined quarterly percentage tailored to your business sector, eliminating the need for intricate preparations. It’s a time and cost-saving alternative worth considering.

Make Use of Tax Reliefs

Time significant business expenses, especially high-value purchases, toward the end of the quarter or just after the VAT return period. This strategic timing effectively trims your VAT bill.

Research and Development (R&D)

Leverage tax credits for your R&D initiatives, a government-backed scheme designed to reward innovation. Astonishingly, a substantial £84 billion in unclaimed tax relief awaits SMEs across the UK, making this an untapped resource for many small businesses.

Patent Tax Relief

Make Your Business Tax Efficient CFO Horizon – Google DocsSeize the benefits of your innovative efforts by claiming tax relief on profits stemming from patented inventions. While the guidance of an accountant may be beneficial, the potential returns make it a worthwhile avenue for exploration, particularly if your business holds patents.

Employment Allowance

If your business currently pays Class 1 National Insurance, there’s an opportunity to save up to £3,000 annually on this bill. This represents a tangible saving that could be redirected towards furthering your business goals.

Business Rates

Uncover tax relief for your business property with a rateable value of up to £15,000. In numerous cases, strategic maneuvers can even reduce the business rates bill to zero, providing a substantial financial advantage.

How to Start Business Tax Efficient?

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