Lets be clear from the start here, tax evasion is the illegal one. That means not telling the taxman about money earned (legally or illegally).
Tax Avoidance simply means making sure that the taxman does not take more that he should. There was a famous law case (1922) where the ruling was that "the taxman is entitled to take his shovel full of your income, but you are entitled to make sure he uses the smallest shovel he is legally entitled to". In short, tax avoidance is no different to making sure you're not being overcharged when you go shopping.
There is a (well worn) saying that a good accountant is one who saves you tax - next time you see or talk to your accountant, ask them if they can suggest any simple way(s) to reduce tax; they should be able to come up with a few ideas without any need to charge you - If their eyes light up and they start talking meetings, just ask them how much because simple tax advice should be free and all part of customer service, not an excuse to give you a big bill.
Thursday, 16 June 2011
Tuesday, 14 June 2011
Control your costs
Ever heard the saying "take care of the pennies and the pounds will take care of themselves"? Well its just as valid for business.
Overheads are a fact of life for almost every business, but how often do you check your suppliers to make sure you're getting the best price? One business I was involved in in the 1980's (yes, I've been around that long) saved £70,000+ PER YEAR just by changing the print company they used (this was a £6 million turnover business, so not a massive company).
Zoom forward to today and we recently paid just £59 for 2500 full colour, two sided A5 size leaflets (200gsm glossy paper). The first quote we had was over £200.
The moral?……………… shop around!
Overheads are a fact of life for almost every business, but how often do you check your suppliers to make sure you're getting the best price? One business I was involved in in the 1980's (yes, I've been around that long) saved £70,000+ PER YEAR just by changing the print company they used (this was a £6 million turnover business, so not a massive company).
Zoom forward to today and we recently paid just £59 for 2500 full colour, two sided A5 size leaflets (200gsm glossy paper). The first quote we had was over £200.
The moral?……………… shop around!
Wednesday, 8 June 2011
networking
Last night was the first visit to the networking group "Brackley Means Business" and what a friendly bunch of people they were. If you have a business in the Brackley area then you should make the effort to go along. You can get information on them from the Brackley Information Bureau - tel 01280 73-567 or email: su@brackleyinformationbureau.co.uk
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