Far too many small businesses, particularly start-ups and sole traders, are paying tax on things they do not need to. Largely this comes from not understanding which business expenses are tax deductible. These business expenses are there for small businesses to exploit – so is there something your small business is missing?
Many costs to you or your employees incurred by your business are tax deductible. Expenses include cell phone bills for business calls, union dues, relevant magazine or periodical subscriptions, staff uniforms or business attire and memberships to relevant societies amongst others. Even if you are not currently using any of these services it may be worth looking into them knowing you can use them a little bit cheaper.…Continue reading