It’s likely that you’ve often heard the term due diligence referred to during your time in business, but do you know what it actually means? There are different types of due diligence, as it can refer to commercial, legal or financial activities.
When setting up a business, you may not have even considered hiring a chartered accountant, however, failing to take this into consideration could be one of the biggest mistakes you make upon starting out.
If you run your own SME, then chances are bookkeeping is not one of your favourite jobs! For many small business owners it is a necessary evil that takes up lots of valuable time. Of course, it is vital to do in order to keep you compliant with the law and make your annual tax returns easier to manage.
From the 25th of May 2018 new EU laws will come into place regarding the collection and storage of personal data. The Data Protection Directive of 1995 is being replaced and with the new laws come heightened risks and challenges for businesses. Are you compliant?
If you are running your own small business, it is certain that you will have to pay tax at some point. Where it can all get a bit confusing though is what tax applies to you, as there are quite a few different types of tax that businesses can pay. Some, for example, may only apply to limited companies which, if you are a sole trader, are not needed.
Small to mid-size business enterprises often neglect to take advantage of all available tax breaks, resulting in higher than necessary tax bills for directors and employees. These actionable tax tips may help you save money on taxes and take full advantage of available tax benefits.
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