Business Tax

As a business, it is likely you will associate the issue of taxation with the field of accountancy. However, the most effective businesses regard taxation as a legal matter, as the tax system is not a straightforward rigid regime. Tax regulations change regularly, and it takes a deep understanding of the legal system to appreciate what each change to tax laws could mean for businesses. There could be several ways of structuring a business that means that its tax liability is less than it would be by following more conventional means, and a query relating to an immediate taxation matter can sometimes result in long term benefits to a business's tax efficiency.

It is also necessary to seek advice on business tax to ensure that you are paying the correct amount of taxation. Some tax lawyers specialise in spotting where businesses have overpaid tax, often due to failing to read in to the beneficial consequences of changes that were made at that time actually were. A business tax legal specialist might also be necessary where you are served with notice relating to unpaid taxes from HMRC, and you be able to obtain advice on how best to respond and to challenge any such claims. In any such case, you will also need advice relating to the charges or interest on any over paid or under paid corporation tax. A recent court ruling states that this interest must now be paid as compound interest, meaning any over or under payments can be even more significant for businesses.