Key considerations for a VAT inspection
Preparing for a VAT inspection? Price Bailey's article written by Greg Mayne offers some useful reminders and key considerations.
Careful tax planning can go a long way to help your business
For many people, tax is something to think about only at certain times of the year. But if you want to keep your tax bill down, you need continuous tax planning, along with careful consideration of your financial activities.
A clear picture of your future direction is essential for your long-term tax planning. So you need to begin by evaluating your current financial situation, and deciding where you want to go from there.
Once you know your future direction, your next step is to consider what tax allowances, reliefs and exemptions are available to you, and appropriate for your business plans. Numerous options are available. They’re all meant to be used, and can help reduce your tax liability. They include:
It’s also important to consider how your company is structured and how you manage and buy your business assets, such as business property. Both areas can boost profitability by reducing your tax liability, removing complexity and streamlining your business operations.
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Preparing for a VAT inspection? Price Bailey's article written by Greg Mayne offers some useful reminders and key considerations.
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