It’s not often I will post about an article on tax from an ‘accountants’ information website, but this is one I could not resist.
Posted today on the Accountancy Age website is an article on a small 70 year old business that may soon be no more, all because of the interpretation, wrongly as it turns out, of what was called ‘obtuse drafting’ of the tax rules.
For more detail please visit the accountancy age website, but my reason for posting, yet again here we see a small business in the UK falling foul of the over complex tax system we have, one that has become even more dangerous to navigate (no pun intended) over the last ten years.
If you are in business, or thinking about going into business, be very careful, the UK tax system is very complex, and in the above case of the Dorset Yacht Co even the Customs officers got it wrong in the first instance.
Take the very best professional tax advice you can find, especially you operate in a niche market find someone with the required specialist knowledge, it may one day save your business! But no guarantees.
This is I feel another case that highlights the need for a simpler tax system here in the UK.
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