Businesses in Glasgow are no different from companies anywhere around the world. They want to pay as little tax as legally allowed and keep the money in their own pockets. Whether your Business is retail, health, advertising or online marketing in Glasgow, paying tax is something that all Businesses have to do. There are ways however that can minimise these deductions and save money in the process. Tax legislation is always changing and being organised when it comes to advanced planning is a worthwhile endeavour. Have a look at our top ways which could keep your Glasgow Business from shelling out and keep a lid on your tax bill.
The timing of when you plan on spending money is a way which tax can be saved. When a company has expenditure which it plans on carrying out, altering the timing of this can be beneficial. This could take form if a company based in Glasgow has things like refurbishments, marketing campaigns or redundancies planned. Moving these events a few weeks could advance the tax relief by a full year. An example of this could be if a company wanted to carry out a Glasgow digital marketing campaign. If they advanced the campaign to before the current tax year ends, they could save on their tax bill.
Working from Home
If you decide you want to work from home to run your Business, there could be savings to be made. Whether that means working from your home full time or irregularly, deductions could be made to benefit your Business. This could be applicable if you are a small start-up in Glasgow that is looking to keep the tax bill as manageable as possible. Further savings could be made if you are a Sole-Trader working from your own house. Savings on council tax, insurance, mortgage, electricity could all add up and be worth looking into. On top of these savings, businesses could capitalise on deductions made from Business travel, expenses, office equipment and a whole host of other ways to save.
Many Businesses in Glasgow find ways to save on tax through using Independent Contractors over employees. The benefits of this are that Independent Contractors do not need to be taxed the same as employees and taxes like payroll are avoided. By hiring an Independent Contractor, a business could save on benefits and payroll taxes which they would normally be required to pay if it was a contacted employee. Be wary, though, if your Business chooses to go down this route, they are advised to be diligent in making sure that the Independent Contractors remain just that and are not over utilised to be considered employees.