Cloud Accounting is transforming the relationship between accountant and client and providing many smaller business with access to powerful software at a fraction of the cost of ordinary desktop software.
As a sole trader or partnership your Annual Accounts form information on which your income tax and/or partnership tax returns will be based. Aside from the tax aspects they should also be considered a useful piece of management information to help you assess whether or not your business venture has been worthwhile. There are a variety of options available to the unincorporated business in going about compiling a set of accounts many of which can have tax advantages or disadvantages. Your strategy should be carefully considered from the outset.
A trust exists where the legal ownership of property, not necessarily real estate, is separate from the beneficial ownership of that property. Trusts are commonly thought of as a tax avoidance vehicle and whilst they can be very useful for mitigating liability to taxes, particularly inheritance tax, it is rarely the sole reason for creating a trust.
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