We’re almost at the time of year where business owners have to start thinking about their tax bill. Of course, there are lots of ways in which you could reduce the level of payment if you’re smart. Below, some fantastic suggestions should point you in the right direction. There is something for everyone, regardless of the size of your venture.
Small businesses – spend money on marketing
Small business owners can never spend too much cash on marketing. So, if you want to reduce your tax bill this year – invest in promoting your brand online using Google Adwords and Facebook Ads. You could also invest in leaflets and other real-world promotion.
Medium businesses – spend money on growth
Medium-sized business owners should always aim to take their operations to the next level. So, look at ways in which you could expand. For instance, you might think about employing more team members or moving to new premises.
Large businesses – spend money on luxuries
Large businesses can afford to spend a lot of cash on luxuries to reduce their tax bill. The infographic below highlights one example. However, you might also think about hiring limos, paying for swanky lunches, and more.
You should now have a decent idea about the best ways to spend your money before submitting your company’s tax return. Put some of those suggestions into practice and stop giving all your hard-earned profits to the government. Sure, you have to pay a fair amount, but that doesn’t mean you have to hand them your bank account details.
Graphic by Jettly