Small Business Tax Saving Tactics 2023/24: Tax Planning for Sole Traders & Partnerships

This tax guide is essential reading for all self-employed business owners (sole traders and partnerships).

It contains over 50 chapters of practical, tried and tested tax saving ideas that your business can implement year-in, year-out, illustrated with easy to follow examples.

Even those with substantial tax knowledge will uncover many useful nuggets that will help them pay less income tax, national insurance, VAT, capital gains tax and inheritance tax.

The 12th edition was published in October 2023 and is completely up to date.

Note, the cost of this book is a valid tax deductible business expense which means the taxman pays 42% of the cost if you’re a higher-rate taxpayer.

Subjects covered include:

• All tax announcements made in the March 2023 Budget
• Future tax changes that will affect small business owners
• How to claim a bigger tax deduction when you work from home
• Paying tax-free salaries to your spouse and children
• How to claim a bigger tax deduction for travel expenses (flights, hotels, meals)
• How to make some entertainment costs tax deductible
• Claiming tax relief for bad debts and losses
• Tax saving strategies for e-commerce businesses
• Capital allowances - how they’re calculated and how to maximise your claim
• Seven chapters on motoring tax issues (cars, vans, fuel, VAT, leasing etc)
• How to maximise the tax relief on your borrowings
• Four chapters dealing with property tax planning
• Tax-free benefits that can be paid to your employees
• Year-end tax saving strategies
• How to pay less VAT
• How to qualify for Business Asset Disposal Relief (10% capital gains tax)
• Inheritance tax - Everything you need to know about Business Property Relief
• The benefits and drawbacks of using the cash basis