If you are running a small business, then you will know the benefits of making the best out of tax allowances that are available to you. There are many ways that you can spend your profits within your company, enhancing its value, making it more efficient, and of course at the same time not giving too much of your hard earned money away to the tax man.
If you own a vehicle that is used within the company, any running repairs can be taken off of the tax of profit. So, for example, if you have Ford vehicles, start looking into Car Spares Ford before the end of the tax year!
Other methods can include investing in new computer systems, infrastructure, and machinery necessary to the running of the business. Remember, this is not tax avoidance as such; you are re-investing in your business and making it more efficient and hopefully more profitable.
Before doing anything, it is wise to consult with your accountants, who will be able to inform you of what is and what is not possible in terms of spending money to avoid paying it out to the tax man.
Whilst there are many grey areas when it comes to tax law, it is certainly best not to stray into any areas darker than that! Spend your money wisely, but keep within the law!