Tax Planning and Legal Issues - Russell Colbourne

Russell Colbourne : Your Money Machine

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INTRODUCTION
Your business is Your Money Machine.  In this Show – I’ll take you under the hood of your enterprise and show you how to fine tune your business.  Get ready for lift off as we add rocket fuel to your profitability!  This show is focused on businesses that have launched and are preparing for exponential growth.

Are you sure you’re ready for exponential growth?  Getting your mindset right to transition from business owner to CEO.  Are you prepared to give up some control and trust others to help you build?  As well as ensuring all your systems and standard operating procedures have been documented and are in place, you will need to ensure your financial reporting provides you with the feedback you need to run your business. 

Managing your tax and legal responsibilities effectively is a critical skill and one that few SME owners possess. This show explains why getting specialist tax and legal advice is crucial for all SMEs and how doing so can be hugely beneficial for  businesses and their owners. 

What You Need to Know - The What

• The main reasons SMEs don’t have adequate tax and legal plans
• How to create an effective approach top tax and legal planning
• Benefits of being tax and legally compliant 
• Your tax and legal compliance challenges.

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What You Need to Do - The How

There are many activities that sit behind each of the 12 boxes and the list below is not exhaustive, but merely gives some examples of what a business owner needs to consider in the area of Tax Planning and Legal Issues:

• Work with a wide network of tax specialists to solve complex issues as and when required;
• Obtain professional assistance to undertake negotiations with the relevant country body that controls and collects direct and indirect taxes; 
• Implement processes that ensure that tax deadlines are met; 
• Obtain professional assistance to understand specialist terminology 
• Prepare cash flow forecasts for the relevant country body that controls and collects direct and indirect taxes, that support applications to defer payments; 
• Professionalise and simplify any necessary procedures around employee and director benefits in kind; 
• Devise an optimal tax efficient exit strategy for the business; 
• Ensure the tax advice fits with the overall business strategy;
• Discuss with your professional advisor the most efficient ways for you and your employees to be remunerated; 
• Ensure your company is kept fully up to date with new tax legislations;
• Establish systems that record data most effectively for tax purposes; 
• Deal with the day to day legal issues - such as terms and conditions - and make sure your company is compliant; 
• Work with a wide network of solicitors to solve important/ complex legal issues; 
• Obtain professional help interpret legal letters and contracts; 
• Collaborate with the CFO Centre’s internal network of FDs/CFOs to draw on over tens of thousands of years of combined expertise to find solutions to unusual problems.

Shows 

• Previous: Episode 2 - Compliance Reporting
• Next: Episode 4 – Outsourcing

 
Written by Russell Colbourne, FCCA, GAICD
Your Money Machine
Russell is a CFO and Entrepreneur who has worked across a diverse range of industries over the past 25 years.  After a short service commission as a pilot flying Seaking Helicopters in the British Royal Navy, Russell studied business and qualified as a Chartered Certified Accountant (ACCA) in the UK. Since then he has been integral with the start-up of many successful companies and operations within larger organisations.  He has bought, sold and spun off business operations in the UK, Australia and the US. 
In 1994 Russell joined Sir Richard Branson’s Virgin Atlantic Airlines where he was responsible for a number of innovative services that were, at the time, ground breaking and helped revolutionise air transport.  From launching the world’s first limo boat on the River Thames to developing the world’s first handheld check-in device and implementing drive through check-in booths around the world, Russell has helped the Virgin Group deliver unparalleled customer service. In 2000 Russell was the first of the Virgin team to arrive in Australia to start a new low cost Airline, and within 8 months had built a team operating flights between Sydney, Brisbane and Melbourne.
Russell now works as a Part Time CFO for a number of SME businesses in South Australia.  He is a Director of a health and wellbeing business; a crowdfunding website for educational costs and of the Founder Institute program in Adelaide where he lives with his wife and 3 teenage sons,
 

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