First Steps Of Starting & Running A Business In UK
Keeping to the rules when running any kind of official business is no. 1 in the list of sensible things to do. Ensuring the company trades legally is most important; there are accounting rules that govern the payment of taxes and statutory dues. Corporation tax kicks in after the company has traded for a length of time and returns a level of turnover set by the government. These taxes, including on all remuneration taken out of the company as personasl pay must be paid first and without question but there are ways of offsetting some of them with the assistance of an astute accountant - nothing illegal, just a good knowledge of the rules surrounding corporate accounting. The inland revenue know everything and the small businessman who thinks they can cheat their way through can often have rather a nasty shock awaiting them when the tax man comes knocking on the door. They will have a body of evidence built up over several months and can be relied upon to present it all in court when the time comes. So abiding by the few simple rule is always worthwhile. Having a bad name in bnusines means you can have great difficulty obtaining credit or business loans in the future. You can be struck off the directors register if you are found guilty. Getting a possible mortgage is impossible for some years once financial irregularities are brought into a court case and if you are proven to be found wanting. …
Continue Reading