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Most Common Tax Questions Answered

20/02/19 | Advice & Guidance, Expenses, Tax Advice

Your Tax Questions Answered

As a busy entrepreneur your focus is on the growth of your business and doing what you do best. By working with Sidekick, you will have a positive and sustainable structure in place to grow your business the way you want to!

Let’s look into some common tax questions and how Sidekick can help you:

 

What expenses can I claim for?

You can potentially claim for a variety of expenses, including travel and subsistence, mobile phone bills, working from home allowances to name a few. Sidekick will discuss your business costs with you and what you can reclaim. Remember our fees are also treated as a tax free expense!

 

Should I be tax planning?

Tax planning plays an important role in:

  • Lowering the amount of taxable income
  • Reducing the tax rate
  • Allowing greater control of when taxes get paid
  • Maximising tax relief/tax credits available

Sidekick will discuss your bespoke plan with you, ensuring you understand reclaimable expenses, and how you can extract income to cover your costs and to plan for any goals you may have.

Do I need to keep paper records?

Sidekick have made keeping and collating your receipts super simple with our inclusive app. Simply take a photo of your receipt, upload to your app and you are done! If you have any questions over records and need support, contact your Sidekick advisor for guidance.

 

Am I putting aside money for tax?

Waiting to find out that you have a huge tax bill, but no funds put aside is a common mistake that Sidekick will ensure does not happen to you.

For Self Employed and Limited company owners, having the right accountant in place is very important, Sidekick will always be on hand to advise what to set aside and to advise when tax bills are due, plus much more.

 

Why use Sidekick?

Sidekick help make running a business simple, no stress and no yearend unexpected bills. Our team of advisors are always on hand to answer any questions you may need to ask. We are here to support you in maximising your income and to take the burden of managing taxes away.

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