Learning objectives: Business finances - staying on the right side of HMRC

Annual Conference 2021, ACC Liverpool

Business finances - staying on the right side of HMRC

• David Davies, TWD Accountants
• Martin Furlong, Head of Employment Relations

Learning objectives

Setting up and running your own business, either as an Associate or as a practice, comes with a host of responsibilities and complexities. Getting it wrong can be costly, either by paying too much tax, unnecessary expenses or interest charges and penalties from HMRC.

Over the course of this session, you will learn about the first steps in setting up a business, the factors you will need to consider at the outset, how to maintain records that satisfy HMRC’s requirements, expenses you can claim for and what you can’t, the right (and wrong) way to employ a spouse or partner to reduce your tax bill, and paying your tax.

You will also learn about the changes introduced by HMRC that mean if you work as an Associate, either as a sole trader or limited company, or run a practice that uses Associates, you are going to see a significant increase in the tax you have to pay, and more importantly, how you can prevent this happening!

The session will conclude with an opportunity to ask questions.