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Tax Planning
Recently, tax avoidance has received a lot of bad publicity. Many of these stories involved creation of elaborate structures, which had no business purpose other than to avoid taxes. Setting up such structures can be very expensive with the added uncertainty of there being no guarantee that HMRC will accept them.
Efficient tax planning does not necessarily need to involve elaborate structures and schemes involving offshore trusts. Substantial tax savings can be achieved by simply using well established tax breaks, which defer or avoid taxes, accelerate tax deductions and tax allowances without the need to create complex structures.
Are there any tax implications of what I am doing, and if there are, is there anyway I can achieve my business goals and reduce my tax bill at the same time? For example, if you are buying business premises you may be faced with VAT, SDLT (stamp duty), capitals gains and possibly inheritance tax in the future. Decisions you make during the purchase can effect all these taxes but with some careful planning, tax impact can be minimised.
If you are an owner managed business you almost certainly need to start thinking about business succession and retirement plannning, if you are planning to pass over the business to your family, or exit planning if you are thinking of selling your business in the future. In the meantime, you also need to prepare for the consequences of inheritance tax if you were to die prematurely before retirement.
If you run your business through a corporate structure, you would certainly want to extract profits and distribute them in the most tax efficient manner. Indeed, if you are a sole trader or partnership, you may be able to achieve substantial savings by incorporating your business and extracting many tax advantages involving savings in income, corporation and capital gains taxes.
Efficient tax planning involves working closely with you. By understanding your short and long term objectives, we can help you structure your affairs in such a way so that the solutions we build are flexible under changing circumstances and are able to accommodate the unforeseen events that lie ahead. We want our clients to understand the issues and the choice's they face so that appropriate decisions are made within the appropriate time-scales.