and other ramblings of a small business owner
Using 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, 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.
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