'Beware the Revenue over SME tax planning', expert urges. By Dan Martin

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Small business owners looking to launch effective tax planning may be hindered in their approach by HM Revenue & Customs' (HMRC) thinking on the issue, a leading tax expert has warned.

In the lavish surroundings of London's Law Society on Friday morning, 50 AccountingWEB members gathered for the first in a new series of business breakfast tax tutorials. Over morning croissants and coffee, AccountingWEB contributing editor Nichola Ross Martin delivered a lecture alerting SMEs to the wide variety of tax planning options available.

She informed the audience of the variety of possible remuneration schemes including salary, dividends, pensions contributions and consultancy fees. But Ross Martin w...

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25th Jul 2006 09:36

Use an LLP
What beats me is why more people aren’t using LLPs

No benefist in kind

Low NICs

Limited liability available

No increase in accounting cost over a limited company

No need to account for dividends

OK, all profit taxed at personal rates, but how many people realy retain much?

Wake up and think laterally, I say

Richard Murphy.


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25th Jul 2006 19:28

Where's the logic in this?
Apart from possible NICs - isn't any move of this kind tax neutral?

Where's the legal justification other than 'ah - tax avoidance?'

What would they say to the founders of Google who take a nominal salary but the remainder in stock options?

How would HMRC demonstrate the going rate? Do we get to see the stats that back up such arguments?

Dennis Howlett

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