If you’re establishing a new business this is the perfect time to consider how best to structure your affairs in a tax efficient way and meet all the legal requirements to comply with UK company and tax law.
From advice on how to find an accountant or legal adviser that suits your needs through to accessing funding and VAT registration the Bedrock team can help.
In the excitement of launching your own business it’s very easy to forget that decisions you make at the start will potentially have major implications some time later. It’s important to get it right at the outset.
Another reason for ensuring you get your tax affairs in the best possible position from the start is so that your business can stand up to scrutiny from HMRC’s Rising Stars unit if you are as successful as your business plans predict.
Most people would like to see their income increase and potentially join ‘rich list’ status. However one list you don’t want to be on is the HMRC ‘rising stars’ list that HMRC regularly scrutinises in an effort to spot potential tax evasion.
HMRC has extended its scrutiny of the wealthiest people living in Britain by creating a ‘rising stars’ team, which will monitor taxpayers who are set to join the ranks of the super-rich. The team follows those individuals with rapidly rising income and a net worth of at least £15 million. Also on their list is anyone deemed to have the potential to meet the £20 million wealth criteria for HMRC’s high-net-worth unit within the next five years. HMRC says the high-net-worth unit, which scrutinises the tax affairs of the 6,200 wealthiest people in the UK, is responsible for £1 billion of extra revenue since its launch in 2009.
Why not contact the Bedrock team for an initial free consultation.