We have already witnessed two budgets this year, both of which resulted in big changes to tax legislation. It is vitally important to remain on top of all areas of tax to avoid penalties, fines and investigations.
VAT is one aspect that has seen many changes in 2010. Although the rise of VAT to 20% on 4 January 2011 has garnered the most publicity, there are a number of other VAT changes which business leaders need to be aware of.
As part of the ongoing austerity measures, HMRC are tightening its procedures. Tax investigations are likely to be more thorough, and the associated time and costs can have a significant impact on a business.
Austerity measures work both ways – hard-working business owners can also ensure every penny they earn works for them. Saving tax is about reducing liabilities, not avoiding them, and careful tax planning can help mitigate the full effects of the new tax regulations.
Our nationwide team of tax experts can help you with all your tax matters. Contact us for more details.
| Andy Minifie, Managing Partner |
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