Do you pay too much tax?
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Road transport proprietors and managers cannot be expected to know all the ins and outs of taxation. but without a good working knowledge of the subject the businesses they control may be penalized and they themselves may be out of pocket. This is the considered opinion of a tax expert who has agreed to write a series of short articles for CM, in simple terms, aimed at giving the haulier and the small passenger transport operator a good insight into corporation tax, income tax, surtax, capital gains tax and so on.
Our contributor will explain the tax system in a simple way and show how it may affect business decisions and also how the tax bill may be reduced by forward planning. His advice is: don't leave it all to the accountant; the man who owns or runs the business is the one with the biggest incentive to keep taxation to a minimum.
This series of articles begins in CM next week. August 13. It will cover such factors as:— • How businesses are taxed.
• Which expenses are allowable, and where bad debts and legal charges fit into the picture.
• The system of capital allowances on plant, machinery, vehicles and buildings.
• Directors' remuneration, shareholders' dividend, retained profits.
• Interest on borrowed money. tax rules for the sole trader and the partnership.
• Insurance and tax—why premiums on business risks are an allowable expense.