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05 August 2008
RICHARD HOLME and JANET PATERSON offer advice for businesses and individuals on tax planning in a recession
KEY POINTS
- Cash is king: are the correct payments being made?
- Can a loss be crystallised?
- The choice of trading entity and extracting profits.
- Low values may be advantageous.
- Time to disincorporate or appropriate?
Many fear that the UK is currently facing its worst recession for years with falling house prices rising oil and haulage costs and a general lack of confidence in business to invest for the future.
This environment may bring pressure on professional fees for compliance work from clients who themselves are feeling the pinch.
More thought will also need to be given by practitioners to tax planning in a world where profits may be falling and losses will more frequently arise. This article looks to refresh the memory on some possibilities.
Easing cashflow
One compliance aspect for...
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