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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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3. The Tax Stages of a Business

Introduction

All businesses have tax obligations to meet when they commence trading. Getting this wrong can lead to problems with the tax authorities and cause potentially serious financial difficulties. Getting it right means that you may pay less tax than you otherwise would, and that you pay your tax liabilities at the right time – not too early and not too late.

Getting it right also creates the right impression with the HMRC. Tax enquiries (known by HMRC as Compliance Checks), particularly those on businesses, are conducted largely on the basis of risk assessment. A business that has a good track record and indicates clearly by the way it interacts with the tax authorities that it is controlling its ...

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