‘A fresh pair of eyes could save you thousands of pounds,’ says Mark Webb, Partner at Smith & Williamson, who spotted that an often-overlooked capital allowance could save one business up to £30K over the next few years.
In the flurry of activity involved in developing a business, compliance and accounting may be dull or even daunting, but there are two compelling reasons to get good advice early on.
Businesses can unwittingly fall foul of complex and ever-changing UK tax requirements and end up paying interest on outstanding amounts owed, or worse still, be liable for penalties. Equally, at a time when the UK Government is actively encouraging innovation, a business may be missing out on a myriad of ways to offset expenses, minimize tax payments and incentivise staff.
The UK tax system has has some ‘necessarily grey areas’ which a good adviser can help interpret to the best advantage of a business whose eyes need to be elsewhere.