December 13th, 2021.
There are so many ways small business owners can save tax. In fact, there are actually over 1,000 different tax reliefs available in the UK today. Don’t be scared, as this really comes down to just 32 main ways you can save tax in your business. Let’s look at the easy wins that limited company owners can take advantage of to reduce the dreaded end of year corporation tax bill.
#1 – Employing your spouse or partnerIf you pay your spouse or partner a salary for actually working in the business, then this will qualify as an allowable expense that reduces your tax bill. Better still, if your partner earns less than the income tax free allowance it will be completely tax free in their pocket.
This is a great way to keep more wealth in the family and perhaps free-up some hard-earned cash to treat the kids to a lovely summer holiday.
For the full story at smallbusiness.co.uk CLICK HERE.