YBC Academy : How To Reduce Your Business Tax Bill
Seeing your first pennies roll in as a business owner is a rewarding and exciting time. You finally get to eat the fruits of your labour and yep, they taste good.
However, once your tax bill comes in you soon realise all that gorgeous profit could be eaten up and the business will have nothing to show for that big outlay you just made.
It is also important to keep in mind that, although dedicating a large proportion of your profit to fill your pockets may give short term gratification, you could ultimately be doing your business more harm than good.
Yes, you do need to put food on your plate, but, look at where that money is coming from, and, more importantly, where it’s going to.
Business owners are often advised to look at reinvesting as much of that potential payment to HMRC as possible back into the company so here are a few reasons why wisely reinvesting money back into your business is the key to growth and success this year and can save on your tax bill.