Tax Accounting Advice for Business Owners
At The Kelvin Partnership we place importance on providing quality and experienced accounting advice for business owners. Our team always strive to give clients the best possible guidance and service, depending on their needs! Over the years, our Glasgow accountant services have helped people from a wide range of sectors from charities to construction companies!
We know that, for businesses, there is so much to consider when it comes to accounts. Nowadays every penny counts, especially for small businesses. With the help of The Kelvin Partnership, your business any financial problems you may have!
Know Your Tax Deductions
A very important piece of advice we often give to clients is to do with tax. Knowing what expenses are tax deductible is very beneficial in the long run. Costs like these can be reimbursed by the business;
- Transport – You are able to claim back air, train, bus and taxi travel costs
- Travel – You can also claim for the travel expenses like hotel rooms and meals on business trips!
- Clothing – The cost of uniforms, protective clothing for work and costumes for actors/entertained are allowable expenses according to HMRC.
- Marketing & Entertainment – You are eligible to claim for website costs, bulk mail advertising, samples and advertising in newspapers and directories!
Know your Industry
Another piece of accounting advice for business owners is to understand your industry! No matter if you have a start-up or a company that’s been established for a while, it is still vital that you are involved in your industry. Attending events, engaging with the relevant association, reading newsletters etc. This is important because, most industries have different rules for allowances! Keeping onside with people in the same trade is extremely value for you.
One of the necessities in running your own business is to use the help of the people around you. Communicating and building strong business relationships will contribute to your overall success. Most important is communication with your accountant! Accountants are there for your benefit, take all the advice they have on board.
Spend the Time
Spending time on your business is another obvious and very important piece of accounting advice for business owners! While following the advice of your accountant from The Kelvin Partnership, you should also dedicate time to working on your business. By keeping involved, you will realise that there are many more tax expenses you can claim for than you know!
Accounting Advice for Business Owners – The Kelvin Partnership
Accounting advice for business owners is just part of the guidance our team offer! Do you want to learn about how other aspects of accounting for businesses? Look at our last post.
Interested in using one of the service we offer here at The Kelvin Partnership? Contact us today!