Income tax allowances can be set against your taxable income, reducing your income tax liability. Your income tax allowances include allowable expenses that you can set against your taxable profits as well as the personal income tax allowance.
The amount of export VAT on sales you pay is determined by whether you are selling to customers within the EU or not. Although no other export taxes are charged in the UK, you may have to deal with import taxes overseas.
Keeping sufficient tax records is not only a legal requirement. It also makes it much easier to manage your finances and taxes. Providing your accountant with clear, well-kept tax records will help minimise the fees you are charged for completing your tax return.
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