Help ride out recession Tame the tax bill, says PwC
As the current recession deepens, a growing number of businesses in the North West are looking for help to reduce or defer their tax liabilities, according to business advisors PricewaterhouseCoopers LLP.
As Northern Ireland’s private sector experiences the greatest falls in output and new orders of the 12 UK regions, employers are responding by cutting expenditure, investment and employment.
And as 2008 delivered the highest annual increase in Northern Ireland’s unemployment in 37 years, managing cash flow became 2009’s top business priority.
Trevor Magee, partner at PricewaterhouseCoopers’s Derry office said: “As sales and profits are under pressure, managing cash flow is the main New Year resolution for family and owner-managed businesses.
Sensible
“Saving, reducing or deferring tax can have a greater impact on cash flow than almost any other business decision – the problem is that too few managers know how to do it.”
“Firms can recover overpayments in corporation tax and, if they have become loss making, accelerate refunds of tax paid in previous periods.
“Companies can also apply to pay tax later than would normally be the case and may even be able to agree a deferment timetable with HMRC’s Business Payments Support Service (BPSS) without facing the normal surcharges for late payment of tax.”
In response to a growing number of businesses in the North West seeking advice about cutting or deferring their tax bills, PwC recently hosted a Reducing your Tax Burden seminar at the White Horse Hotel in Campsie as part of their highly successful Owner Managed Business seminar programme.
Helped
The seminar was attended by business owners from a range of sectors, and according to Trevor Magee, it helped identify potential opportunities for businesses to reduce tax and maximise cash flow – even when sales are static or falling: “By focusing on areas where tax costs can be reduced, Reducing your Tax Burden may well be one of the most important events these owner-managed businesses will have attended this year.
Shared experience
“Using case studies, we shared our experience and highlighted the key opportunities for reducing the tax burden of businesses across different sectors.
“This should help to ensure the businesses are better equipped to take advantage of relevant opportunities, whether they arise now or at some point in the future”.
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Sunday 12 February 2012
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