Running an owner-managed business – whether you’re starting out on your own for the first time or are the latest in a long line of generations to take the reins – means that you are constantly juggling dozens of different demands.
That’s why you need advisers you can trust to help you run your business in the most cost-effective and efficient way, identify and make the most of new opportunities and to plan for the future, so that your business can continue to develop and grow in the longer-term.
At Fawcetts accountants in Salisbury, we can help to free up your time, so that you can concentrate on running and building your business, by dealing with day-to-day financial issues, including bookkeeping, payroll and VAT.
If your business needs are more complex, we offer expertise to assist with business strategy and planning and corporate tax planning.
We can use our experience in raising finance to help you if you’re planning investment and growth and support you every step of the way with mergers, acquisitions and sales.
When it comes to passing on your owner-managed business, whether it’s to the next generation or through an in-house takeover or external sale, we’ll also make sure your succession and retirement planning starts well in advance so everything is in place for a smooth transition.
For more information on Fawcetts accountants’ services for owner-managed businesses in Salisbury, please contact us.
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Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall.
The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and 7.3 per cent in 2005-06. It says that, had the tax gap not fallen, a total of £71 billion less tax would have been collected last year.
The figures show that of the total tax that was unpaid, the largest proportion was from small businesses, with £13.7 billion not paid.
According to HMRC, taxpayer error was nearly twice as likely as criminality to be the culprit for missing tax, with errors costing the Revenue £9.2 billion in lost income, while criminality cost £5.4 billion.
Meanwhile, Income Tax, National Insurance and Capital Gains Tax had the biggest tax gap at £7.9 billion. The VAT gap, on the other hand, has fallen from 12.5 per cent in 2015-06 to 8.9 per cent in 2016-17.
Mel Stride, Financial Secretary to the Treasury, said: “These really positive figures show that the tax gap is the lowest in the last five years, which reflects the hard work that HMRC and I have been doing to ensure we support businesses to pay the right tax at the right time and clamp down on tax evasion and avoidance.
“Collecting taxes is essential for funding our vital public services such as the NHS – indeed, had the tax gap remained at its 2005/06 level the UK would have lost £71 billion in revenue destined for public services, enough to build 200 hospitals.”
Jon Thompson, Chief Executive of HMRC, added: “The UK is the only country in the world to regularly publish their tax gap in detail and at 5.7 per cent, it remains at its lowest for five years. I am pleased that the downward trend shows HMRC and HM Treasury’s continued hard work to tackle evasion and avoidance is working.
“HMRC is also working hard to help taxpayers get their tax right by offering support and investing in digital services to improve businesses’ record keeping and reduce errors.”
The Revenue is now touting the forthcoming launch of its flagship Making Tax Digital programme as the latest weapon in its arsenal as it looks to reduce the tax gap further.