Tax is a big issue for individuals and companies alike. In order to achieve the best outcomes regarding this issue, many people make use of professional accounting services when it comes to their limited company accounts.
In a new development that may be welcomed by firms in the catering sector, two experts have published a book containing advice concerning how to save tax through capital allowances, BigHospitality reports.
The resource is called Capital Allowances for Hotels, Pubs and Restaurants and it explains what exactly the allowances involve. In addition, it shows how a business can tell if a proper claim has not be made.
Capital allowances enable firms to save tax and they can also help organisations save money when buying equipment. However, according to BigHospitality, they are often misunderstood.
The book has been produced by Ray Chidell and Ian Sutton, who are both tax specialists.
Commenting on the issue of the allowances, Mr Chidell remarked: “There is nothing dodgy about these allowances – they are a legitimate part of our tax system but the opportunities to save tax are often missed as many [advisors] do not understand the rules well. This can cost owners many thousands of pounds.”
He went on to say that the information resource is not long and would only take around an hour to read. Despite this, it has the potential to save owners “substantial amounts of tax”, he claimed.
Meanwhile, he also revealed that the book has been presented in language that is appropriate for individuals who are not experts in tax issues but who need to have some understanding of such matters.
Getting the right assistance when it comes to accounting services such as those involving limited company accounts can save firms considerable amounts of money and can ultimately help them to achieve success.
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