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Slash Your Tax for Small Businesses

All you need to know to pay less tax

A Tips & Advice book about... 

In a nutshell

This book provides field-tested advice on all the fundamentals of business tax. It focuses on small and growing businesses and explores all the ways you can save tax and avoid penalties. You'll learn exactly how to structure things in order to pay no more tax than is necessary.

In detail

Small businesses face so many tax challenges. If you slip up, HMRC will be there to make you pay. This book, written by our team of tax specialists, clearly explains how all the taxes interact when:

  • Starting up in business
  • Incorporating your business
  • Passing on or selling your business
  • Calculating business profits
  • Taking out profits
  • Calculating VAT
  • Dealing with HMRC and the penalty regime

Use this fully updated book as an effective planning tool. It's all you need to stay on the right side of HMRC and safely cut your tax liability.

We've created this Tips & Advice book especially for... 

Entrepreneurs, business owners, directors and financial managers that want to:

  • Get all the tax basics right
  • Save tax throughout the lifecycle of their business
  • Find clear and reliable answers to their everyday tax questions

Tax advisors and accountants that want to:

  • Have all the fundamentals of business tax close at hand

You'll get the following free extras with this Tips & Advice book... 

An online service with ready-to-use documents

  • To immediately apply our advice and solutions in practice
  • That you can easily adapt to suit your own requirements

In this Tips & Advice book you'll read about...

Table of contents

1. Starting up in business

1.1. Core questions

2. Aspects of incorporation

2.1. Core questions

2.2. Whether to incorporate

2.3. How to incorporate an existing business

2.4. Disincorporation

3. The longer term - succession planning and selling the business

3.1. Core questions

3.2. Selling a business personally and liquidating companies

3.3. Selling a business from a limited company

3.4. Preparing incorporated businesses for sale

3.5. Inheritance tax

4. How business profits are taxed

4.1. Core questions

4.2. Accounts and year ends

4.3. Computing the business profits

4.4. Claiming capital allowances

4.5. How a company’s profits are taxed

4.6. How a company gets relief for losses

4.7. Taxable amounts for unincorporated businesses

4.8. How a sole trader/partner gets relief for losses

4.9. How an individual is taxed

4.10. Self-assessment for partnerships

4.11. National Insurance

5. Taking the profits out of the company tax efficiently

5.1. Core questions

5.2. Salaries and bonuses

5.3. Perks

5.4. Pension contributions

5.5. Dividends

5.6. Rent, leasing and other charges

5.7. Selling assets to and buying assets from the company

5.8. Loans

5.9. Capital accumulation and withdrawal

5.10. Core strategy

5.11. Doubling up

6. Employing staff, PAYE & NI obligations and taxable benefits

6.1. Core questions

6.2. PAYE/NI obligations

6.3. Benefits in kind

6.4. Salary sacrifices and optional remuneration benefits packages

6.5. Tax-free benefits

6.6. Pensions

7. VAT and how to minimise its impact

7.1. Core questions

7.2. The liability to VAT

7.3. Registration

7.4. Charging VAT

7.5. Making VAT returns

7.6. Recovering VAT charged to you

7.7. Partial exemption and the capital goods scheme

7.8. Other useful VAT schemes

7.9. VAT flat rates

8. Dealing with HMRC and the penalty regime

8.1. Core questions

8.2. Compliance checks and enquiries

8.3. The common penalty regime for errors

8.4. Late notification penalties

8.5. Penalties for late tax returns, etc.

8.6. Late payment penalties

9. Tax credits and other benefits

9.1. Core questions

9.2. Working tax credit and child tax credit

9.3. Child benefit

9.4. Council tax benefit and housing benefit

9.5. Universal Credit

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