A tax guide for SMEs

According to accounting software provider, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their VAT accurately.

As the business owner, it is important to bear in mind the following tax obligations when filing your taxes:

Self-employment tax

If you are self-employed, you need to check whether you are entitled to tax credits, so you don’t lose out on valuable income later on.

Self-employed individuals are entitled to the same personal allowance as someone who is employed.

Don’t overpay your taxes

A recent study revealed that small businesses are 56 per cent more likely to overpay on their taxes due to VAT filing mistakes.

Only half of all SME owners have completed their taxes efficiently or even correctly, and subsequently, many are overpaying their taxes.

Despite being able to claim this tax back, these errors could ultimately cost you and your business, which could negatively impact your cash-flow.

Making Tax Digital 

In April 2019, the Government began its digital transition for ‘making tax digital’, making it easier for individuals and businesses to accurately file their taxes and reduce the number of mistakes being made.

Therefore, as an SME owner, you must stay ahead of the changes, as this will affect your businesses taxes.

For help and advice with any aspect of tax for your business, contact a member of our expert team today.

Wilder Coe Ltd
Our mission is to care for each of our clients so that their expectations and goals are met and exceeded. So whether you’re looking for tax minimisation, wealth maximisation or simply a professional service with a personal touch Wilder Coe Ltd’s partner-led approach, combined with a commitment to developing an understanding of your business and a rapport with you and your staff, ensures that you and your business always get the right level of attention and service you need.

We are a multi-faceted practice providing a wide range of professional business services including accountancy, auditing and taxation. For more information, please contact us.

This blog has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this blog without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this blog and, to the extent permitted by law, Wilder Coe LTD, or its Members, Partners, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this blog or for any decision based on it.

Please contact Wilder Coe for further information and bespoke professional advice, tailored to your circumstances, on any matters of specific interest to you.