For all the news at the moment of large corporations and their, ahem, creative take on paying taxes, the fine line between tax avoidance and tax evasion is more-or-less invisible to most of us. Whatever your ethical take on it, without the option of offshore accounts, and convoluted corporate structures, for most small businesses tax is a necessary and inevitable part of life. Paying it can feel painful, but not paying it, or not paying on time, or paying the wrong amount, is likely to hurt you and your business a whole lot more.
Tax isn’t always, thankfully, front-page news, but it is always there in the background. The Tax Donut aims to guide small businesses through the foothills of the tax system, signposting other resources where they’re useful and giving you the right questions to ask of your tax adviser when do-it-yourself seems a step too far. Some DIY projects turn out to be a straightforward job, with the right tools and a bit of knowhow. But some projects will always be best left to the experts. If you’re looking at the difference between putting up shelves and inserting a steel girder it might be obvious when to call in the professionals. The Tax Donut can help you make that judgement on more opaque financial issues. It doesn’t have to be daunting. But it does have to be done.