International law firm Pinsent Masons have released a statement on HMRC’s latest figures about their fines levelled at senior finance executives. The Senior Accounting Regime (SAO) allows HMRC to issue personal fines to the top-level executives at large firms across the UK, usually totalling £5000.
If you operate as a sole trader, you’ll probably have thought about whether or not your life would be easier if you were using a business account instead of your personal one. Whilst you’re in no way obliged to setup a separate account for your business transactions, we’d strongly recommend you do.
Trading as a limited company is, for all but the smallest of businesses, superior to acting as a sole trader. Furthermore, it is always better than a partnership were all partners are liable for debts accrued by all parties.
Business owners and decision makers will, understandably, always be looking for ways to make their companies more profitable. Well, if your trading as a limited company, we have some good news: there are a multitude of things you can do to reduce your corporation tax.