Local small business owners are being urged to rethink how they operate after UK small businesses paid £4.22bn more in tax than necessary last year.
Around 1.3 million businesses are currently classed as sole traders and partnerships, throwing away an average £3246 a year by not becoming a limited company, according to a Small Business Tax Action Report by Unbiased.co.uk.
Our columnist Roger Bowen, who runs TaxAssist Accountants in Llanelli said:
“The feedback we are getting from small businesses across Llanelli is that, whilst trading conditions remain tough, things do seem to be looking up and securing finance for future growth is increasingly important.
“We have been working hard with our small business clients to make tax savings where possible and one of the first things we look at is their business structure. Whilst there is undeniably more paperwork involved in becoming a limited company, the financial benefits can be huge; as well as making it easier to obtain finance, it is often far more tax efficient.”
TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.
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