• Helen White

Start-ups and Tax Planning

As a new business start-up, you need to ensure that you have accounted for all your expenses, so it is important to keep good bookkeeping records. If you are working predominately from home then you can claim eligible tax relief on costs such as utilities, rent and insurance in addition there maybe costs that you can also claim in regard to travel.

If you have a good accounting software package, this will enable you to keep proper accounting and bookkeeping records and also facilitate an easy way to file your returns and accounts to both HMRC and Companies House.

You will need to be aware that you can claim 100% Annual Investment Allowance on expenditure on most types of plant and machinery, cars being the notable exception. For turnover up to £150,000 you will be able to utilise the voluntary cash basis for calculating taxable salary, which allows for qualified independently employed people and associations to compute their profits depending on the money that goes from their company.

Acer Accounts can advise on a suitable accounting package and tax planning advice to ensure that you meet your legal requirements in the most efficient manner.

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