HOW TO SAVE TAX LEGALLY FOR YOUR SMALL BUSINESS (UK)

Рет қаралды 12,871

Күн бұрын

Wondering how you can save tax as a business owner? Dan runs you through some simple, practical tips to get you started on saving some tax.
Topics include:
How to save income tax in UK
Recording keeping
Xero QuickBooks Excel
Dext Auto Entry Huddoc
Podcasts
Reducing tax bill for self-employed
Limited Company UK
How to reduce corporation tax
Paying yourself
Dividends
PAYE
How to save tax on salary
Trivial Benefits
Company Cards
Tax deductible expenses
Share structure
Paying spouse to reduce tax
ISA
Marriage Allowance
Pensions
… and more!
If you have any questions on this, please comment below.
Subscribe to our Podcast on Spotify and Apple: “The HeelanHub Podcast” - a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
You can see more about what we get up to as an Accountancy Business on the following:
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Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk
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#accounting #smallbusinessuk #tax

Пікірлер: 24

@YJK523 Жыл бұрын

You always provide great advice and tips. Many thanks. Great channel

@HeelanAssociates Жыл бұрын

Glad you enjoy and hope its helpful :- )

@milesking6245 Жыл бұрын

Hi Dan - another great video, pitched at the right level (for me) as a small Ltd business owner. Much appreciated. I know you briefly had a short video on pensions. I know you are not a pensions advisor, but some guidance/thoughts about Ltd Co payment into pensions (alongside salary and dividends) would be a great topic for the new tax year. The 'wholly and exclusively' test warrants some explanation. Please keep up the good work!

@HeelanAssociates Жыл бұрын

Thanks Miles, yes we've avoided talking about pensions too much as its a fine line for us to walk! We do have a vid on the list though....

@milesking6245 Жыл бұрын

@@HeelanAssociates Many thanks Dan. Will drop you a line directly!

@jeffrybob484 Жыл бұрын

Trivial benefits for Directors if Limited is also something small business Directors can benefit from. Love your videos, thank you

@HeelanAssociates Жыл бұрын

Yup we have a vid on this one kzfaq.info/get/bejne/kLSpppWU3JaRpZs.html

@theCodetest100 6 ай бұрын

Hi, please can you recommend a video you have that explains how to calculate biills if you are a sole trader and work from home. Thank you so much

@HeelanAssociates 4 ай бұрын

We will add to the list! The only one we have is a little old, although theory is still sound Tax Tips for the Self Employed - Working from Home kzfaq.info/get/bejne/fp6kg5CjybqXY2Q.html

@NightInACity Жыл бұрын

Hi, can I add profit and expenses from multiple self-employed businesses to report as one amount. Even when 1 business is making a loss and another making a profit.

@HeelanAssociates Жыл бұрын

If they are different trades you need to report on different sets of self employment pages inside the return. You may then need to consider what can be done with the profits, there are quite a few rules about what can and can't be done, depending on the losses. Sorry its a bit vague, but what can be done is very specific to the situation so difficult to say here in a comment.

@ConnorM279 Жыл бұрын

Any videos or tip on mobile phones for director and that part explained?

@HeelanAssociates Жыл бұрын

We haven’t yet but could add to our list

@lfcburt6567 Жыл бұрын

Can I claim on office supplies bought on amazon before registering the company?

@HeelanAssociates Жыл бұрын

Similar rules www.heelanassociates.co.uk/can-you-claim-expenses-before-a-self-employed-business-starts/

@mahammedibrahim8277 5 ай бұрын

what if i dont have a business card and i have been using my personal account for expenses over 5k+?

@HeelanAssociates 5 ай бұрын

That’s likely fine presuming you have the records.

@Nugget2on1 Жыл бұрын

Any tips on saving tax when I sell a small uk business? 38k invisible assets? 30k customer goodwill, 17for veh n equipment, total sale 48k ThanQ Russ

@HeelanAssociates Жыл бұрын

Hi Russ super detailed answer we can’t give in this one here sadly - so many moving parts! Definitely check out business asset disposal relief though and see if it applies to you.

@ravenhide2541 Жыл бұрын

What if the receipts kept over the years are faded and haven't been captured. Can you use bank transaction record to back up what you claimed for lets say 3 years ago?

@HeelanAssociates Жыл бұрын

If the only records you have are bank records as a result, you do what you can with what you have!

@Macallion 11 ай бұрын

You can try applying gentle heat to the back of faded receipts. If they've been printed by a thermal printer, it should make the text legible again after a few minutes.

@jaiharji4840 Жыл бұрын

Amazing videos. So helpful. Can you create one on how a Ltd company can invest surplus/profit in the stock market. With pros and cons. That would be amazing!!!!

@HeelanAssociates Жыл бұрын

Will see if we can add to the list! With investment topics we often steer away as things that boarder on financial investment advice is regulated, and in the realms of financial advisors rather than accountants! But we might be able to do something around the topic. Will have a think