Tax legislation, are you up to date?
- Don’t shy away - SMEs that don’t keep up with tax legislation will be at a disadvantage and more importantly losing valuable tax breaks
- Invest time to keep up to speed - read up, attend seminars and listen to podcasts. There are a lot of resources out there. Tax Legislation will always be advancing and changing and it’s easy for SMEs to get left behind
- Understand the big changes - -New personal tax and NIC bands from April 2011 are significantly different to those in the previous tax year. Many more people will be paying 40% and even 50% tax, so knowing how to structure remuneration in an SME could be vital
- Think about the way in which you do business. SMEs that structure their businesses in the traditional sole trader or partnership will be paying more tax than those who run their businesses through limited companies. (This is down to an anomaly in the law, and those wishing to change will need to properly understand the implications this will have on their business moving forward)
- Ask an expert or seek advice, it’s really worth it! A tax expert can tell you everything you need to know relating to employee tax, corporation tax, capital gains tax etc. This can save you a lot of time and effort especially when first starting out
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