iTax Solutions

10 questions you should ask your accountant

As a small business, you put your faith in your accountant to suggest the best way to structure your business so that you can maximise your tax savings. There is no unique way to structure it as it depends on your personal circumstances. There is a long list of questions you can ask your accountant to make sure that you have the structure that suits best with your situation. However, I list ten questions below that at-least you should ask your accountant as a small business:

1.            Should I Incorporate?

2.            Should I include my spouse or a family member as a shareholder?

3.            Should I take a salary or dividend or a mixer of both?

4.            Do I need a payroll to pay a salary to myself or any family member?

5.            Do I fall under IR35?

6.            What kind of expenses I can claim and do they require invoices?

7.            Am I eligible for married couple allowance?

8.            Should I register for VAT and what kind of VAT scheme should I be in?

9.            When do I or my company pay tax?

10.         Should I buy a car for myself on the company’s name?