Owning and running a business does not only involve making profits and running business operations. But it includes giving importance to taxation rules and paying corporation tax to the government. Businesses with immense knowledge in tax saving rules would manage their finances smartly to save a lot in taxes.
Every taxpayer has the full right and liberty to save taxes by all legitimate means. This avoids the taxpayer from paying excess taxes to the government.
Corporation tax savings can be done with the help of an accountant. If a small business does not have an accountant, then they can find an accountant near you with relevant experience to save maximum in taxes.
Some of the best practices that can be followed for saving taxes are discussed below.
- Claiming all the business expenses
- Offsetting business spending against AIA
- Research and Development Tax reliefs
- Patent tax relief
- Paying taxes in advance
Click here to know more- How to reduce your Corporation Tax
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