Do you find it hard to get your head around tax? Join our experts between 1pm and 3pm on Thursday for some top tips
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Albert Einstein famously spoke of US tax returns, saying: "This is too difficult for a mathematician. It takes a philosopher." Have we, on the other side of the Atlantic, simplified this process in the past half a century?
Well, those SME owners who were just getting used to the system will soon get a letter from HMRC describing the biggest reform of business tax reporting in 70 years.
The introduction of RTI (Real Time Information) means that every time an employee is paid, the business owner will be required to send HMRC details of the payment and deductions, as opposed to including all the information in one annual report.
HMRC says businesses will save £300m in reduced administration costs when the system is up and running, plus there will be benefits from simpler reporting requirements and the abolition of the extensive annual tax return.
Unfortunately, research by Crunch Accounting showed last week that only one in every five small businesses is aware of and prepared for the introduction of the new system.
So, to help you and to examine other aspects of dealing with keeping up with your requirements to HMRC, we've decided to take a closer look at tax for small business in an online clinic. We're are running a series of live advice sessions to help equip you with professional expert opinions.
To get involved and receive personalised insight from our panellists, post your questions in advance via the comments section, and join us live on Thursday 14 February between 1pm and 3pm.
Here's this week's panel:
Daniel Mepham is a director at ClearSky Accounting
Daniel has worked in varied accountancy roles, dealing with small sole traders up to multi-million pound PLCs. At ClearSky he specialises in small limited companies.
Doug Beardon is a principal lecturer in taxation at LCA Business School London
Doug is also a partner in a professional firm of accountants and has more 30 years' experience in the field.
George Lovell is head of tax at DTE Business Advisers
George provides tax advice to a number of businesses and has more than 20 years' experience as a tax adviser.
Anita Monteith is the ICAEW Tax Faculty's technical manager
Anita is responsible for tax matters affecting small and medium sized businesses and continues to advise on practical tax matters as well as lecturing and contributing to industry journals.
Richard Brunton is in charge of tax compliance services at HBJ Gateley
Richard is also chair of the Scotland branch committee of the Chartered Institute of Taxation. He has dealt extensively with small and medium sized companies to help overcome a diverse range of tax issues.
Kevin Bunting is a tax partner for Lovewell Blake LLP
Kevin specialises in the owner-managed business market and provides advice on tax efficient extraction of profit, reducing taxable profit, utilisation of losses, employee incentives and addressing succession.
Caroline Hunt is a tax director at Crowe Clark Whitehill
Caroline specialises in intellectual property taxes, with a particular focus on research and development tax credits and the Patent Box. She previously ran her own accountancy business for 17 years.
Neil Pamplin is the corporate and international tax director at Grant Thornton
Neil advises on issues relating to UK taxes as well international structures and transactions and remuneration strategies and incentives.
Toby Ryland is a corporate tax partner at the chartered accountants HW Fisher & Company
Toby has more than 15 years' experience advising businesses and entrepreneurs on all aspects of tax - from corporation tax to PAYE
Edward Parker is a partner at Wellers Accountants
Edward is also a fellow of The Chartered Association of Certified Accountants and advises owner-managed businesses.
The opinions provided by the experts in this Q&A are for information purposes only. We do not accept responsibility for any advice given and cannot guarantee its accuracy. The opinions expressed by the experts are not intended to constitute legal or other professional advice, and should not be relied on, or treated as a substitute for specific advice relevant to particular circumstances.
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