Our role as accountants and business advisers is to work with you to help you maximise your profitability and look at the various available options to help you minimise your taxes – we know that you do not want to pay a penny more than is absolutely required.
You will pay tax on your taxable profits (which will differ from the profit shown in your accounts), so it is essential to claim all business related expenses. You can claim a proportion of your household running costs and a proportion of your home telephone bills if you maintain an office at home. You can also claim for the cost of travel and accommodation when you are working away from your main place of business.
You must keep adequate business records – including a log of business journeys – because in addition to ensuring your accounts are accurate, these records may be requested by GRA. Have you considered using a good computer package for record keeping? Cloud accounting is becoming increasingly popular while Sage, Quickbooks, Xero are proving good solutions with some companies. If you are considering a computerised solution, please ask for our advice. You must keep your business records for six years. Make sure that they are kept safely and not exposed to damp. It is important to ensure that computer records are properly backed up.