3 Tax Rules to Follow
Episode description
In this episode hear about the crucial questions you should be asking yourself when tax planning
From always asking whether it’s legal to understanding that HMRC interpret the rules and can be challenged this is a must-listen with great content for any business owner
KEY TAKEAWAYS
- Always ask ‘is it legal? at no point is it worth doing something illegal
- Is what you are doing effective in terms of how much you are spending and what you are saving
- Is it acceptable? Your tax planning needs to be acceptable to you
- HMRC interpret the rules and you need to look at the law
- Tax enquiry insurance is always worth having
- There is a risk assessment form used prior to any enquiry
- If you are doing SA make sure you are using the right tax rules for you
- With tax, once it’s happened you can’t go back so planning before is crucial
BEST MOMENTS
‘HMRC aren’t always right, they lose as many appeals as they win’
‘Don’t be fearful of challenging HMRC’
‘Make sure you are clear about TOMS rules for serviced accommodation’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on: