I'm sure many small business owners can agree that, when it comes to taxes, it is difficult to know where you stand once you know you are turning a profit.
Predicting where you are profit-wise in a small business can leave you confused and with a lot of paperwork and that's not brilliant - this new app however can go someway to helping you to plan how much you can take from your business after taking into consideration costs and taxes.
- Taxes and National Insurance Contributions on employee salaries - including Employers National Insurance contributions.
- Corporation Taxes
- Dividends - these can be split up into multiple employees/shareholders and taxes automatically calculated.
Whilst the app is not a replacement for proper advice and works for Limited Companies only, it does give a good indication of where you stand.
It's a fully interactive app where you can chop and change between different sections and see results immediately - good for trying different scenarios.
You can use the Small Business Tax Planner app at the UKTaxCalculators.co.uk website, at the following url: http://www.uktaxcalculators.co.uk/small-business-tax-planner/