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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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6. Business Tax Bills

Introduction

This chapter identifies the aspects of your business that produce its tax liabilities and suggests areas to which you should pay attention when seeking to mitigate them. It concentrates on how business profits arise and how they are computed.

The type of business you run and the structure within which you operate will affect how and when your tax bills arise. By developing a close understanding of this structure you will inevitably gain a better understanding of how and why your tax bills accrue and what you may be able to do to reduce them.

You should start by gaining a basic understanding of generally accepted commercial accounting principles (GAAP) and ensure that these are being operated correctly. ...

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