Small Business Seminar 5 February 2003 By Francesca Lagerberg National Tax Director at Smith & Williamson and member of the CIOT’s Personal Tax Committee.

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Presentation transcript:

Small Business Seminar 5 February 2003 By Francesca Lagerberg National Tax Director at Smith & Williamson and member of the CIOT’s Personal Tax Committee

Scenario The business has grown too large to be run from home. Premises and employees have become essential.

Main tax areas to worry about Payroll issues and regulations What entity to trade through – company, sole trader, partnership or other? VAT registration

Payroll issues Getting startedGetting started SoftwareSoftware Dealing with tax credits, SMP and other issuesDealing with tax credits, SMP and other issues Benefits in kindBenefits in kind Electronic filingElectronic filing Year end returnsYear end returns

Extraction of funds What entity should the person trade through? Sole trader? Company? Partnership?

Pre Budget Report Paragraph 5.91 “to ensure that the right amount of tax is paid by owner managers of small incorporated businesses on the profits extracted from their company”.

VAT registration Cliff-edge issues