Robert King examines the tax traps SMEs fall into and how to avoid them
How many times have we heard variations on the theme of the refrain ‘I’m too busy running the business to even think about whether I am getting the best tax outcome’?
Entrepreneurs are by nature motivated by making a success of their business. Yet there are only so many hours in a day and it is entirely understandable that they do not have either the time or the inclination to ensure their tax affairs are as well managed as they should be.
But the consequences of this can be harmful to the business itself – many SMEs are often haemorrhaging cash in the form of higher than necessary tax payments.
This is where a good adviser earns his fees. It is not necessarily about whizzy...
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Robert King examines the tax traps SMEs fall into and how to avoid them
How many times have we heard variations on the theme of the refrain ‘I’m too busy running the business to even think about whether I am getting the best tax outcome’?
Entrepreneurs are by nature motivated by making a success of their business. Yet there are only so many hours in a day and it is entirely understandable that they do not have either the time or the inclination to ensure their tax affairs are as well managed as they should be.
But the consequences of this can be harmful to the business itself – many SMEs are often haemorrhaging cash in the form of higher than necessary tax payments.
This is where a good adviser earns his fees. It is not necessarily about whizzy...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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