Top Tips for Small Businesses: Forewarned is forearmed

Forewarned is forearmed

Are you a risk taker or risk averse?  The two are not mutually exclusive. The approach I prefer to take is “forewarned is forearmed”.

Not everyone is going to know about tax and potential tax traps.  A good accountant can spot the potential issues before they get out of hand.  Mitigating action can be taken to reduce the risk.

It is very easy to start up a limited company without an accountant being involved.  But do you know enough about the tax pitfalls?  A company director not paying sufficient attention to what expenses are going through the company could fall into P11D benefit in kind issues.  The penalty regime for not reporting P11D benefits is harsh.

The limited company may not be the best vehicle for your business and we wait with interest to see if corporation tax rates will rise as a result of the cost of the pandemic.

If you are thinking of running your business through a limited company Contact Chris for an informal discussion before going ahead.