The Tax Mistakes That Could Be Costing You £1000s

Have you ever been surprised or caught off guard by a tax bill? Or maybe just dread the looming task of sorting through your records and submitting your return? Well, you're not alone. Thousands of tradespeople each year go through all the aggro of sorting out their taxes, but there are ways you can make it easier for yourself and save quite a bit of money in the process. Here's an overview of a few tax tips that every gas engineer should know. Open a business bank account. This will help you keep personal and business expenses separate while allowing you to take advantage of a whole variety of deals and offers only available to businesses. Keep organized records of all your expenses and income from day one. You'll need all your invoices, bank statements, receipts, and everything else when you come to fill out your return. This is one of those things where spending a little time now Saves a lot of time later. Know exactly what you can get deducted. As long as you can prove that the expense is related to your business, you can get lots deducted from your bill, like phone bills, advertising costs, van repairs, and lots more. For a full list, check out our blog. Save 20% of your turnover for tax. If you save 20% of your turnover as soon as it enters your bank account, you'll always have enough to cover your tax bill. In fact, you'll probably be saving a little too much, which means you can give yourself a nice little bonus at the end of the year. Get an accountant. Sometimes it's just easier to get someone to help you with tax. Don't think of it as an expense, but as an investment, as an experienced accountant can often save you some money. Don't forget to check out our blog for a more in-depth guide, which also includes a free workbook that you can download and use to streamline your tax prep. Click the link in the bio to find out more. Thank you.