We may all be familiar with the quote by Benjamin Franklin about taxes (and death). Unfortunately it’s all too true.

In your business, how often do you dedicate time to increasing turnover, to reducing your overheads, to paying the bills? Compare this to how often you look at how much tax you are paying and how to reduce it!

Where you run your business as a sole trader/partnership you will pay tax at somewhere between 21% and 41%.  In a company the rate is between 41% and 48%.  It is therefore no surprise that tax is usually the largest cost centre in a business and yet very little time is spent on reducing it.

Now consider the following points:

Why did I set up in business in the way that I have e.g. limited company v sole trader?

That it may cost you more running your business if you are not VAT registered and your turnover (not profit) is less that £68k.!

Have you considered claiming tax credits, setting up a childcare voucher scheme etc?