Quick tax facts for SMEs

For SMEs, particularly during the initial years of trading, tax can be a real worry and something that is not necessarily fully understood.

Tax Pitfalls for SMEs to Avoid

Some of the main pitfalls witnessed by specialists, such as a Stroud business coach, are often obvious but easily missed when the excitement of the new business venture takes hold.

Firstly, make sure that you are aware of all of the deadlines that are relevant to your business, including registering for self-assessment, to be done by the 5th of October in the relevant year and making sure that returns are made on time. Paper returns must be in 3 months before online returns, so get familiar with the online system!

Secondly, be aware of when you would need to register for VAT and the threshold, as it varies year on year.

Thirdly, plan, plan and plan some more! With the help of a business coach, you can look at allowances and spending to minimise tax liability but this must be done before the end of the tax year, so think ahead.

Getting Help with Tax

Whilst the assistance of a qualified accountant is vital, it is also important to look at tax in the context of the other aspects of business management and growth. Firms such as the one seen here www.randall-payne.co.uk/services/business-advisory/business-coaching take a holistic approach to supporting SMEs, looking at their tax position but also considering the wider business objectives. This insight is invaluable.

As a SME it is vital to gather information about tax and to ensure that you engage with a range of trusted professionals such as a Stroud business coach, to ensure that you don’t overlook one of the many opportunities to tax plan efficiently.