Tradies remain busy for most of the year, let alone the taxing months. You can even say that they are the least interested in calculating taxes. And if you are a tradie, you must be smiling right now. It is true, right? Well, then this is also true that you end up paying more taxes than you need to. Didn’t know about this one? Yes, you can get several deductions on your taxes if you are a tradie. And it is something only an experienced tax advisor in London can tell you. So just dive in!
For small businesses
If you have a small business, you can save a lot of money on tax deductions using the following hacks:
Work From Home
If you can prove that you mostly work from home, you can get tax returns on your house bills. Yes, that is true! HMRC has laid out some amazing rules lately for business owners who do not have a definite office.
Use a hired vehicle
You can avail of tax returns on a vehicle that you hire for office work on weekdays. However, you will not get the same deduction for weekend (personal) use.
Advertising and PR
If you are spending a lot of money on advertising and marketing, you can avail of tax returns in London, as these are necessary for business growth.
Small business gifts
It is also an effective way to market your business. But do you know that you can get tax deductions up to a limit on the gifts you send to your clients and customers to improve brand visibility? Yes, the truth is, you can get some amount of tax return in London on these gestures even.
There are several other ways to get tax deductions, like business travel expenses, corporate parties, employee training, and even child care, if you have established a crèche in your office for the new mommies. Get in touch with an accredited tax advisor in London to learn more about ways to save money on taxes.
