When running your business, staying on top of your finance can be very difficult. This is why we have accumulated a list of tax tips that will reduce your tax liabilities and help you to grow your business.

Tax return deadlines
Submitting correct tax returns to the HM Revenue & Customs (HMRC) helps to avoid any penalties that may incur to you. So, you should always ensure to submit correct tax returns before the relevant deadlines.

Working from home
HMRC allows some tax reliefs for the businesses that work from home. So, if you work from your home, household costs such as utility and phone bills count as a business expense which you can claim.

Cash ISA allowance
For the 2015-16 tax year, you can save up to £15,240 in cash ISA where the interest earned on this money is completely tax-free. So, make sure to open cash ISA and save up to maximum limit and enjoy the tax-free ISA allowance.

Keep records
Keeping records will help you to complete, submit correct tax returns and thus avoid costly penalties. Because of this, you must always keep invoices and expense receipts for the last five to six years. This way, you will also be able to provide proof in case if your company gets inspected.

Pension contributions
Pension contributions is one of the tax-efficient ways of saving. Normally, the tax relief you receive on the contributions depend on your pension scheme. In case if you are a higher rate taxpayer, you will receive higher rate tax relief.

Annual Investment Allowance
The annual investment allowance is £500,000 a year until 31 December 2015, so do make sure to take advantage of it before it is reverted to £25,000 from 1 January 2016. As this allowance provides 100% write off of on capital expenditure like purchases for plant and machinery, do secure such available entitlement.

Mileage claims
If you run your own vehicle for the business purposes, you can be able to claim mileage using HMRC authorised mileage rates.

These tips can help you pay less tax as possible or to avoid it all together. So, be aware about them before making any moves.

If you want an expert advice on such tax matters, take time to talk to your accountant first.