Feb 05, 2016
I was in Portugal last week at a fantastic training event run by Dr. Joanna Martin and I met loads of small business owners. We had some really great conversations about business but there was one theme that kept coming up time and time again - and it got me really annoyed!
A lot of these very open people were telling me their accountant never made suggestions on how they could save tax. I was pretty astounded as I see this as an integral part of what I do.I knew there were some accountants like that out there, but I honestly didn't realise it was so widespread.
One woman I spoke to, and from the limited conversation we had, I knew she could be saving at least a couple of thousand pounds in tax. Imagine what she could save from a more comprehensive review of her situation? Another told me her accountant only saw her once a year to sign the accounts and his 'tax advice' to her was take less dividends to stay under the 40% rate tax bracket.Frankly that's not helpful!
As far as I'm concerned if you can save tax you should as you'll more than likely use it to strengthen your business, maybe employ people or invest in you and your family's future. As business owners we work incredibly hard and unlike bigger businesses we do pay our fair share of tax. We contribute huge amounts to the local economy.
It's not your job to use google to find out if there's anything you can suggest to your accountant that might save you tax. That's what THEY should be getting paid for. Maybe they're not charging you enough to do this, but if they haven't offered you tax advice - that's not your fault!!