Tax is often the last thing on a business owner’s mind – but planning could save you thousands of pounds.
As a busy entrepreneur, the idea of seeing your accountants can feel like one thing too many to fit in. However, as our tax rules are complex, without talking to them you’re much more likely make these tax mistakes.
Not maintaining proper records
Collating and keeping all your receipts isn’t a fun job. For VAT registered business owners, not keeping them is a common mistake. So, the next time you fail to get a VAT receipt, consider whether to also dip into your pocket, grab some coins and throw them away.
With so many apps on the market, the task of keeping proper tax records has become less taxing. Apps like Auto Entry, Expensify and Receipt Bank mean you can easily snap the receipts on the go. The technology and your accountant can take care of the rest.