Bank finance articles and tips

Unless you know a lot about accounting yourself, it is very likely that your company accounts are prepared by either an internal accounts department or an outside professional. For small and medium enterprises, the latter option can be more appealing because employing a permanent, dedicated tax accountant is more expensive and sometimes unnecessary for a small company. However, whether you are employing a tax accountant in your business or outsourcing to a freelance tax professional, it is critical to choose the right accountant for your business. For example, when it comes to your annual tax return it may be prepared by someone else but ultimately it is you who is legally liable for any mistakes in it....

A Tax Haven is simply a country that allows you to pay less tax. People use tax havens to minimise their tax (duty) and conceal assets for asset protection purposes. Some people use these jurisdictions to hide their cash from tax authorities in their home countries which is evasion as opposed to legal avoidance. This is not very intelligent because with expert, effective tax planning, tax can legally be avoided anyway. Those that generally use these havens for tax evasion reasons have often made their money in illegal ways. Contrary to common perception, these people are not welcome in most jurisdictions. People who indulge erroneously in tax evasion, run the risk of imprisonment because Governments have no "sense of humour" when it comes to loss of revenue. Prison is a lot more expensive that paying for legal tax avoidance. This article will focus on legal avoidance of duty with respect to the use of tax havens....

Entrepreneurs Relief in the UK is an excellent tax incentive for entrepreneurs to create British companies and then sell them for a significant profit. Even though Entrepreneurs Relief may assist you in significantly avoiding capital gains tax (CGT), if you have the choice, why pay any capital gains tax at all if this can be legally achieved? The question of avoiding capital gains tax on the sale of your business will be addressed later in this article. Capital gains tax advice accelerates wealth building for the Entrepreneur through even greater profit....