Are you always on the lookout for ways to reduce your tax liability? As you may know, tax regulations are extensive and cover so many different areas and walks of life. Certainly, it can be difficult to keep up with all these rules, allowances, deductions and restrictions, but you still have to be sure before you itemise something on that all-important document. One area that seems to confuse people more than ever is an allowance for clothing.…
It is compulsory for everyone and each company to file their tax returns annually. Unless you are an expert in the field, everything can seem to be complicated. Below are critical details you should consider when you are filing your tax returns.
Total income taxable
You should know the total amount of your income that is taxable. The amount of domestic tax that is charged will depend on the amount of your income.…
There are few things more terrifying than facing the prospect of having your tax returns audited. Even if you are pretty sure that you have done all you can to record your business’s income and outgoings accurately, there will always be a lingering fear that you forgot to include something which could lead to a hefty tax bill. Thankfully, there are some steps you can take which will help to reduce the chance that the tax man will come knocking at your door.…
