Understand Tax for Small Businesses: Teach Yourself
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Product Description
Review
"For anyone who's self employed, I would strongly recommend reading this book and learning the principles it puts forward, even if you plan to use an accountant"
"Bottom line is that reading just the first 3 chapters in this book have made me feel much more confident about tax and I wish I had read it sooner. I'm actually excited to keep reading too, which is odd considering the book is about tax."
Product Description
Is this the right book for me?
Highly relevant information and advice
Written by one of the country's leading tax writers, this edition of the highly successful Understand Tax for Small Businesses is aimed at small businesses and fills a conspicuous gap in the market. Following the business life cycle, it provides highly relevant information and advice on the real events that business people experience, whether self-employed or running a company.
Gain understanding of tax principles and the tax system
Throughout this book the reader gains a basic understanding of tax principles, the operation of the tax system and knows when to ask for help, rather than being told how to fill in forms or 'save' tax. It empowers the reader to transact with an accountant or the tax authorities on a more equal footing.
An appendix provides a matrix for readers to complete with details of the new tax rates following each Finance Act, together with details of where this information can be sourced. It also provides links to other available information - building on free information available online, particularly from HM Revenue and Customs, there will be frequent Internet links to help the reader navigate the wealth of tax information available.
New material covered in this edition includes:
- Changes in the corporation tax rates.
- Significant reforms to the capital gains tax regime including the abolition of taper relief and indexation allowance.
- The new entrepreneurs' relief - of great significance to small businesses people.
- The new style, simplified income tax return; new filing dates for returns; fines.
Understand Tax for Small Business includes:
Chapter 1: Which taxes do businesses pay?
Chapter 2: How the tax system works
Chapter 3: Starting a business
Chapter 4: Profits
Chapter 5: Losses
Chapter 6: Equipment
Chapter 7: Employees
Chapter 8: Premises
Chapter 9: VAT
Chapter 10: Pensions and insurance
Chapter 11: Incorporating a business
Chapter 12: Closing a business
Chapter 13: Selling a business
Chapter 14: Passing on a business
Chapter 15: Putting it all together
Learn effortlessly with a new easy-to-read page design and interactive features:
Not got much time?
One, five and ten-minute introductions to key principles to get you started.
Author insights
Lots of instant help with common problems and quick tips for success, based on the author's many years of experience.
Test yourself
Tests in the book and online to keep track of your progress.
Extend your knowledge
Extra online articles to give you a richer understanding of the subject.
Five things to remember
Quick refreshers to help you remember the key facts.
Try this
Innovative exercises illustrate what you've learnt and how to use it.
Inside This Book
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Customer Reviews
Most Helpful Customer Reviews
16 of 16 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
I'm a self-employed writer, so my tax situation has never fitted easily into the usual boxes. Wanting to conduct my business on the up-and-up, I've hired three different accountants since I moved to the UK, and each of them let me down -- each in their own expensive way.
This time around, I'm doing my own taxes. The confidence I got from reading Teach Yourself: Understanding Tax for Small Business alone inspired me to look into my account on the HMRC website, and I'm glad I did: I discovered an underpayment of £350 and that my address was outdated. Thank you, ex-accountant! Because of this, I've been able to take care of the shortfall in advance instead of being surprised in July.
Then there's the substance of this book, which is excellent. From the page layout to the plain English it's written in, it's totally approachable. In just a few places it dips into accountant-speak terminology, and the sections on pension relief and revenue expenses -- the two things I was most curious about -- were a bit thin and difficult to decipher. But as a general introduction to the subject, it still an excellent work. I feel comfortable now approaching HMRC's forms (which themselves are well-explained), and instead of facing a mountain of intimidating confusion, I now know exactly what I need to learn more about. Then I can file my own return, and keep abreast of exactly what's happening in my business's financial life.
For all that, I'm extremely grateful to the author of this book. For anyone who's self-employed, I would strongly recommend reading this book and learning the principles it puts forward, even if you plan to use an accountant. Money mistakes -- especially those that relate to the government -- are the surest way to suck all the fun out of having your own independent business.
This time around, I'm doing my own taxes. The confidence I got from reading Teach Yourself: Understanding Tax for Small Business alone inspired me to look into my account on the HMRC website, and I'm glad I did: I discovered an underpayment of £350 and that my address was outdated. Thank you, ex-accountant! Because of this, I've been able to take care of the shortfall in advance instead of being surprised in July.
Then there's the substance of this book, which is excellent. From the page layout to the plain English it's written in, it's totally approachable. In just a few places it dips into accountant-speak terminology, and the sections on pension relief and revenue expenses -- the two things I was most curious about -- were a bit thin and difficult to decipher. But as a general introduction to the subject, it still an excellent work. I feel comfortable now approaching HMRC's forms (which themselves are well-explained), and instead of facing a mountain of intimidating confusion, I now know exactly what I need to learn more about. Then I can file my own return, and keep abreast of exactly what's happening in my business's financial life.
For all that, I'm extremely grateful to the author of this book. For anyone who's self-employed, I would strongly recommend reading this book and learning the principles it puts forward, even if you plan to use an accountant. Money mistakes -- especially those that relate to the government -- are the surest way to suck all the fun out of having your own independent business.
5 of 5 people found the following review helpful
Format:Paperback
I have run a one man limited company for several years and although I can submit my VAT return and PAYE I have left everything else to my accountant. I wanted to understand more about corporation tax and dividends so that I didn't get a nasty surprise at the end of the year regarding tax liabilities. This book is perfect. It is well laid out and easy to read with a number of sample situations. It contains information for both limited companies and sole traders. I would definitely recommend it. I will certainly not be dispensing with my accountant but I am much clearer on how business taxes are calculated and also the impact it has on my own personal tax.
2 of 2 people found the following review helpful
Format:Paperback
.... for beginners to get an idea how the tax system works. I think this is essential reading for everyone who starts a small business - even when using an external accountant.
Most Recent Customer Reviews
Simple, easy to read
This book is a must for any small business owner. I have a one person ltd company, i have a bookeeper and an accountant... Read more
Published 5 months ago by IainM
Should have gone for the Ladybird book of understanding tax!
Yes, it's a very dry subject, but I still found this a little dull and a bit difficult for a novice. I want the very basic book for the complete idiot.
Published 5 months ago by Mr. M. Deith
Not a bad attempt at de-mystifying our Tax system
I bought this out of curiosity to see whether it could satisfactorily explain how Dividends are taxed, the logic of which with it's peculiar fractions and Tax Credits - has baffled... Read more
Published 13 months ago by Supersnipe
Top Book
I recently bought this book after moving away from managed accounting. I have found it to be a clear, informative and to the point read with detailed and accurate reports on... Read more
Published 15 months ago by N. Ryall
Listmania!
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