Russell Cockburn - Small Business Tax Planning: All you need to know from start-up to retirement
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Effective planning of your tax affairs to help your business save money Every profitable business in the UK has to pay tax, but some small businesses pay more tax than is necessary. This book examines the tax liabilities that the owners or managers of small businesses need to bear in mind and explains how to manage these tax requirements in the best possible way so as to avoid paying more tax than you have to. Uniquely, this guide traces how tax should be dealt with throughout the life-cycle of a business, from start-up to the time it is sold, wound up, or passed on, so that whatever stage your business is at this book will be valuable for you. Areas that are covered include: - What business structure you should choose when starting out: self-employed sole trader, partnership or limited company. - How to register your business and when to start paying tax. - When tax inspections might arise and how to deal with them. - How to manage business expenses effectively and make use of relevant tax benefits. - How to withdraw from a business and pass it on, or how to go about selling it. Guidance about tax is spread over many different locations; on the internet, in booklets provided by HMRC, and in magazines and annual publications. Russell Cockburn brings the information together in this simple and incisive summary enabling you to approach your tax affairs as efficiently as possible.
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HARRIMAN HOUSE LTD
3A Penns Road
Petersfield
Hampshire
GU32 2EW
GREAT BRITAIN
Tel: +44 (0)1730 233870
Fax: +44 (0)1730 233880
Email: enquiries@harriman-house.com
Website: www.harriman-house.com
First published in Great Britain in 2011
Copyright Harriman House 2011
This eBook edition 2012
The right of Russell Cockburn to be identified as Author has been asserted in accordance with the Copyright, Design and Patents Act 1988.
ISBN: 978-0-85719-209-7
British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior written consent of the Publisher.
No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher or by the Author. This book does not replace the need to take advice from an accountant or other tax expert. Readers should take professional advice on their tax affairs and none of the material in this book should be construed as tax planning advice or recommendation about how to arrange ones financial affairs.
Russell Cockburn B.Sc (Hons) is a former HM Inspector of Taxes providing tax consultancy and advisory services to other professionals, businesses, executives and private clients. He also provides a broad range of tax training, lecturing, writing and publishing services. Russell was also the author of the ICSA Tax Guide 2003-4, published for tax advisers and practising professionals.
AIA = Annual investment allowances
BPR = Business Property Relief
CGT = capital gains tax
CT = corporation tax
CTAP = corporation tax accounting period
EBT = employee benefit trust
ECA = Enhanced Capital Allowances
EIS = Enterprise Investment Scheme
ER = entrepreneurs relief
FYA = first year allowance
GAAP = generally accepted accounting principles
HMRC = Her Majestys Revenue & Customs
IFRS = international financial reporting standards
IHT = inheritance tax
LLP = limited liability partnership
NIC = national insurance contribution
NMW = national minimum wage
PAYE = pay as you earn
PLC = public limited company
R&D = research and development
SDLT = stamp duty land tax
VAT = value added tax
VCT = venture capital trust
This book examines the tax liabilities and payments, and implications of these, that the owners of small businesses need to bear in mind from the time they start a business to the time the business is sold, wound up, or passed on. A small business is defined as one with a turnover below 5m and with up to around 50 employees.
This book takes you through the full life cycle of a business: from the day it is first set up, through the early stages when the business is growing, on into the (hopefully) profitable years and then to the latter stages when the owner might be looking to realise the business value by making capital disposals either of assets or of the whole firm. After that I look at the implications of retirement and possible liabilities arising from selling or gifting the business to family members or others.
We will consider tax liabilities on the business owner, taxes arising from the running of the business, taxes on profits that the business may make and taxes on profits the proprietor takes for themselves. The book also reviews the various taxes that may arise when a business is sold, and what reliefs and exemptions might be available to offset those liabilities. I also give advice and guidance on dealing with the tax authorities on a day-to-day basis, and where problems or cash flow difficulties can sometimes arise.
There is a bewildering amount of information concerning tax available to the small business owner, much of which is spread over many different locations either on the internet, in booklets provided by Her Majestys Revenue & Customs (HMRC), or in magazines and annual publications. This book brings much of it together in a simple summary to get you started in understanding your tax affairs and to provide guidance on what to do and when.
You can use this book as a quick source of reference about your business and personal tax affairs or as a guide to help you plan for your tax liabilities when your business is up and running. You will also find it of use as the business grows and then later on when you look to sell it or pass it on.
This book focuses on small firms but some of the material will be of relevance to larger businesses, especially when we deal with the investment reliefs that are available and the potential tax liabilities arising on the disposal of a business towards the end of its life cycle.
Though business and company are often used interchangeably, for the purposes of this book company is used to refer to a limited entity with an issued share capital, where personal assets are distinct from those of the business manager or owner (for more information see Limited Company on p. 26). I use the term business to refer in general to all types of commercial firm.
The book is for those looking for practical help and guidance about their business tax affairs. It is written for the small business owner/manager who runs their own business and deals with the day-to-day interaction of the business with the UKs tax authorities.
All businesses tend to go through fairly recognisable stages of development and many encounter similar problems, especially where tax is concerned. Planning for business tax liabilities whether these are the taxes on profits, the taxes to be paid for employing staff or taxes on turnover represents a major charge on any business and on managerial time. Planning how much the liabilities will be, when they will arise and what may be done to mitigate the impact of tax on the business is just good management. Tax should be regarded as just another cost of the business; careful attention to it from the outset will pay considerable dividends in terms of lack of problems later on.
The chapters in this book follow the most common pattern of business start-ups and the growth of businesses over time. Most businesses begin with one persons idea for a product or a service and a wish to sell it. Frequently the business then grows into a partnership, or it turns into a limited company. However, some businesses will commence trading as limited companies from the outset.
I deal with tax affairs of the smallest businesses normally sole traders first, followed by partnerships and then on to limited companies. This represents the most common form of progression. Each chapter summarises the tax consequences of particular business structures, how to plan for them effectively, and also discusses tax planning and mitigation techniques which may be available to the business person from year-to-year. Of course many businesses will stay in one structure throughout their entire lives and in this case only specific chapters will be relevant.
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