Why pay the taxman? Grow your business instead!

Feb 23, 2022 | Blog

Why pay the taxman? Grow your business instead!

Feb 23, 2022 | Blog

(Three Minute Read)

Do you want to pay less tax and grow your business?

Sounds like it might be too good to be true, doesn’t it? Well, the good news is – it’s not!

You can pay less tax to HMRC by putting that money towards advertising to reach new customers, growing your business and making more money.

Advertising costs are recognised as a legitimate business expense by HMRC and are entirely allowable for the purposes of tax relief.

All forms of advertising and marketing materials are eligible for tax relief; this could be paying for adverts in local magazines (just like ours!), printing and designing leaflets and business cards, or building a shiny new website for your business. These are all ways in which costs of advertising can be incorporated into your tax relief package. (Source: https://help.gosimpletax.com/hc/en-gb/articles/202028638-What-are-Capital-Allowances)

As the entire cost is permissible, there’s no need to worry over what proportion is deductible. Just remember to keep any receipts and document the expense in your monthly accounting. (Source: https://help.gosimpletax.com/hc/en-gb/articles/202028778-Which-tax-records-do-I-need)

It’s been a good year on the whole for a number of industries – and with the tax year coming to an end soon it could be worthwhile to invest now for future growth. All advertising is tax deductible so if you’d like to find new customers, increase your brand awareness, and help your business become more profitable, then why not pay less tax and advertise more.

Speak to us to today to find out more from one of our friendly team who will be happy to guide you every step of the way in paying less to the taxman and more on growing your business.

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