Fancy your chances as an IT consultant? While you may be highly skilled in your specialized field a minefield can open up when you decide to start your own business. If you choose to operate your business through a company or a trust it may be in the mistaken belief that you can minimize your tax liabilities by storing the profits in a company at a tax rate of 30 percent or distributing trust profits to other beneficiaries. Roman Garbuz describes some of the traps and how to defuse the tax time bomb
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