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

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.

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments
richard.murphy's picture

Use an LLP

richard.murphy | | Permalink

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.

http://www.taxresearch.org.uk/blog/.

dahowlett's picture

Where's the logic in this?

dahowlett | | Permalink

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