Incorporating a business and business valuations – Wednesday 25th February 2015

Hart Shaw Chartered Accountants invite you to attend our next Sheffield & District Law Society CPD seminar on ‘Incorporating a business and business valuations’, taking place on Wednesday 25^th February 2015.

The seminar will address the following:

• Why incorporate a business?
• Advantages of incorporating
• Disadvantages of incorporating
• The practicalities
• Business valuations
• Tax requirements

There are many things to consider when incorporating an existing business, especially if that business has been trading for a number of years. The first part of this seminar will focus on the process of incorporation and the ongoing tax requirements of business owners and their legal advisers.

The second part will focus on business valuations, and will go in to detail on the commercial value of a business, common misconceptions and the tax and legal requirements.

 

Details

Join Steve Vickers, Tax Partner from Hart Shaw to find out more about the reasons why businesses decide to incorporate and the importance of determining an accurate valuation of a business.

Date: Wednesday 25^th February 2015

Time: 12pm to 2pm

Venue: Sheffield & District Law Society Hall, 8 Campo Lane, Sheffield, S1 2EF

Cost: Free for members of Sheffield & District Law Society or £12 (inc VAT) for non members

 

To confirm your attendance please contact Faye Smith at Sheffield Law Society on T: 0114 272 3655 or Email: faye@sheffieldlawsociety.co.uk.   

2 hours CPD is available at this event.

Places are limited so please book early to avoid disappointment.

We look forward to seeing you there.

 

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Solicitors to be targeted by HMRC

Solicitors are being warned that they have become the latest group of professionals to be targeted by HM Revenue & Customs (HMRC).

As the tax authority seeks to crack down on non-payment, it is increasingly looking at more professions.

Those wishing to take part in the voluntary tax disclosure scheme must notify HMRC by next March and pay any tax that is owed by 9 June 2015.

HMRC says that by doing this, individuals will have a number of guarantees, including the ability to spread tax payments over a period rather than paying in one lump sum.

If an individual has made a careless mistake with their tax, they will only pay for a maximum of six years, irrespective of how far behind the person is with their tax affairs. However, if an individual chooses not to disclose key information and HMRC finds that they are behind with their tax, it has the power to go back up to 20 years and may conduct a criminal investigation.

Previously, other sector-focused crackdowns have focused on dentists, doctors and most recently, landlords. Since 2007, these initiatives have collected nearly £600 million in tax, according to HMRC.

Steve Vickers, Tax Partner from Hart Shaw comments: “It is imperative that not only solicitors, but anybody who is in doubt about their tax affairs seeks advice. Establishing a dialogue with the authorities is always looked on far more favourably by HMRC than individuals that take no action and bury their head in the sand.

“Penalties for anyone prosecuted by HMRC who hasn’t voluntarily disclosed could be over 100% of the tax owed, so it is clear HMRC are taking a hard line with this campaign.”

Any disclosures made to HMRC need to be carefully prepared to ensure the best possible settlement terms are received. If you would like to speak to us in more detail about making a disclosure Steve can be contacted on T: 0114 251 8850 or email: steve.vickers@hartshaw.co.uk.

 

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