Value added tax

10 tax tips for fast growth companies seminar

Posted on February 21, 2012 by Tax Tips 0

I am looking forward to co-hosting a seminar at lunch-time today on:

10 tax tips for fast growth companies

The seminar is pitched at companies from startups through to more established companies as we walk them through the sorts of tax issues and opportunities they should consider as they seek to grow profitable companies.

We will be holding the event at Manchester Science Park (MSP) Innovation Centre in Salford and a key focus will be on cash preservation which is a key issue for growing companies – as cash is the lifeblood of every successful business.

The sorts of issues we will cover include:

  • Pros and cons for founders in funding their companies via share subscription v loan
  • How to attract business angel investors and take advantage of investment tax relief like EIS and the forthcoming Seed EIS
  • Why paying key staff salaries and bonuses is expensive and a better more cost effective all-round solution
  • How a potentially lucrative tax incentive might benefit your company and how HM Revenue & Customs (HMRC) might even pay you for the privilege of claiming it!
  • How to pay yourself tax efficiently
  • Heads up on a new tax incentive that is on the horizon and could save your company £££s in tax if you get your ducks in a row now
  • A simple way for start-ups to slash your employee wage bill
  • How VAT could actually make you some money!
  • How you could save a theoretical £1.8m if you are growing your business for sale in the near future

We will run through these points over lunch today and it would be great to see you there. The event is free. Yup, free.

Happy to run this event elsewhere or online vian a webinar if this is of interest.

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VAT growing pains for virtual UK business

Posted on November 16, 2010 by Global business 0

Interesting comments from Ryan Carson of Carsonified in response to questions regarding hidden challenges lurking in global business via the excellent Duct Tape Marketing. He singled out dealing with VAT as one of the single biggest challenges in growing his UK training business to become a global player commenting:

Image representing Carsonified as depicted in ...
Image via CrunchBase

The laws surrounding tax here aren’t written for the Internet age and don’t really make any sense. It was tough getting a straight answer from the tax man about who we needed to charge tax to and how much. Nightmare!

So true. Yet there have been further changes to VAT introduced this year to add to the confusion and administration. ‘Place of supply’ rules for VAT and determining which services are standard-rated, zero-rated, exempt etc are all routine causes for concern for UK businesses – such issues cause much head-scratching for many accountants let alone business-owners.

We need to simplify VAT administration for UK businesses especially when much of it comprises unpaid form-filling for the government e.g. EC Sales List, Intrastat etc let alone unpaid tax collection! And don’t get me started on the ‘reverse charge mechanism’!

Ryan Carson wisely sums up his advice for UK businesses looking to expand beyond UK shores by saying:

Call your accountant and check tax laws. It’s tough, but once you figure it out, it’s a huge new opportunity to grow your business. Just do it.

Expanding overseas is a minefield for the unwary with rules and regulations above and beyond VAT to contend with, however, by following Ryan’s advice in the above order a supportive professional accountant should be able to walk you through the process. Better to invest a little upfront and get it right, rather than have to unpick a series of potentially expensive cock-ups further down the line.

P.S. Get ready for the change in standard rate VAT from 17.5% to 20% from 4 January 2011.

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