There are some changes made each financial year that affect businesses and who pays tax at various levels. In recent years it has been more challenging to be a new start up but there are also many agencies who are set up specifically to guide and advise the new business owner. Careful planning and extensive market research, up front and in advance of comitting any funds to a venture are absolutely essential. So many enthusastic would-be business owners go rushing in without researching their market or in fact if there are any specific rules and regulations governing the operation. Ignorancve is absolutely no defence. A clear understanding of current trends will increase chances of success. Beginning any business will never be without risk but taking the correct apporach and having a sensible mindset will help to turn those entrepreneurial dreams into a mega business.
There are legal obligations to running a business, take the 25% corporation tax for example. There are various legal ways to reduce this tax bill and these include claiming every business expense allowed; paying oneself a proper salary; paying HMRC with an early payment means they will owe the business some interest. Donating to charity is another means of reducing the liability. Exploring all the government tax relief schemes will be quite eye opening and all valid and above board, if applied correctly.
