Using a Company to Save Tax

Using a Company to Save Tax by Lee HadnumUsing a Company to Save Tax by Lee Hadnum is a very useful book. I didn’t find it a particularly easy book to read but it is crammed full of useful info on using a company to help you save tax. If you are starting up in business and are wondering whether to trade as a sole trader/partnership or a limited company then this could really help you make that decision. Come to think of it if you’ve been trading for a while already and want a refresher on what the best options are for you then this is a great book for you too.

The book contains lots of calculations demonstrating what the best tax situation would be. To be honest I ended up skimming over a lot of these as I found it difficult to follow them as I read along, buy viagra however if I do find that I need to research some of this myself (rather than just asking our accountant) then it’s good to know that they are there to go back to and look at in more detail.

If nothing else, the book has made me aware of just how much I don’t know and how complicated tax issues are. Thank goodness for accountants who are there to understand these things for us! This is an area that I obviously don’t take to naturally and I did have to force myself to keep reading at times (luckily it’s a pretty short book at 110 pages) but I feel like a better person for finishing it. Yes, it’s not an easy read but it’s a highly valuable book for the information that it imparts.

Rating: ★★★★☆

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Keeping It Simple: Small Business Bookkeeping, Self-Assessment & VAT

Keeping It Simple: Small Business Bookkeeping, <a href=medical Self-Assessment & VAT by James Smith” />I never thought I’d find myself getting excited over a book about keeping accounts but James Smith’s Keeping It Simple: Small Business Bookkeeping, diagnosis Self-Assessment & VAT is definitely a book to get excited about. Isn’t it funny how sometimes you find that exactly what you need lands on your lap at exactly the right moment? This is what has happened to me – this book is exactly what I was hoping the ‘Managing Your Finances’ course would be but sadly wasn’t. It explains in an incredibly easy to understand way the types of records you need to keep, how to fill out forms such as the Self-Assessment for self-employed, and makes tricky subjects such as VAT seem a lot less scary.

The first part of the book is mostly aimed at sole traders, though I still found the simple explanation of bookkeeping records extremely relevant to our business (which is a limited company). Then to make me even happier there is a section on ‘Accounting for Limited Companies’ which explains some of the additional records that a company needs to keep. I’ve never seen such a clear explanation of a director’s loan account! There is then a fairly extensive section on VAT with some excellent advice to help you decide whether you should register for VAT or not (it doesn’t just boil down to how much your turnover is). Finally, the book ends with some general advice on small business issues – accounting software, taking on an employee, and choosing a bookkeeper or accountant.

I suppose I should say that the book doesn’t cover absolutely everything, however it’s not setting out to. If it had it would have become overly complicated like a lot of other accounting books. Instead it sets out just enough to get you started and gives you pointers as to what else you may need to find out about. It is nice and clearly laid out, with lots of example spreadsheets and uses case studies to help explain different scenarios.

The book’s blurb starts with “This plain-English guide is essential reading for all small business owners” and I couldn’t agree more. I wish that I’d had a copy when I was first starting out, it would definitely have helped me get my accounts on a firm footing, but even a few years down the line it’s clarified some issues for me and given me an idea of how I can improve my accounts in a managing the business context rather than just essential records for tax purposes.

Rating: ★★★★★

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