Tax deductible expenses
There is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.
This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business.
Read more about Tax deductible expenses
Maximise use of your basic rate tax band
I originally posted this article on the a4uforum in March 2007, and have updated it for the current tax thresholds.
As you know the end of the tax year is fast approaching and now is the time to consider maximising the use of your basic rate band. This can be done by declaring interim dividends to take your total taxable income upto the maximum at which the basic rate will still apply.
As dividends have a 10% tax credit attached, this tax credit can be used to effectively pay your personal tax liability on the dividend.
