What is tax planning?
Tax planning is a term used to describe the legitimate usage of tax reliefs for the purposes they were intended. The term should not be confused with tax evasion (which is against the law) or tax avoidance which describes the bending of tax law to gain a tax advantage.
Corporation Tax Planning
Although corporation tax rates have been reduced by government over recent years to aid economic recovery, corporation tax still represents a sizeable cost to business. We can help you to minimize your corporation tax liability by;
- Ensuring that you are claiming/processing all legitimate expenses
- Reviewing your capital allowances to make sure you are using them effectively
- Checking to see if you have any un-used capital allowances
- Ensuring that your business is structuring in the most efficient manner
- Applying the correct capital and revenue treatment
- Making you aware of planning opportunities such as pension deductions, research and development initiatives and green initiatives
Personal Tax Planning
Despite recent attempts at simplification the UK tax structure is still massively complex. Individual tax payers have responsibility for managing their own tax affairs so it is vitally important to seek professional assistance to ensure tax efficiency and compliance.
Individuals are taxed in a number of principal ways; via Income Tax, Capital Gains Tax and Inheritance Tax.
We can help to identify opportunities available to individuals to plan their affairs effectively.
For more information please contact us on 01952 727177 or 0121 236 7585.