Tax Planning

Minimising the tax you pay

Do you think that you are paying too much tax at the moment? Whilst it is rarely possible to eliminate or postpone all tax if you are operating a profitable business or have a reasonable income, it is often possible to reduce the amount that you pay through formal tax planning exercises.

As we have already stressed, tax legislation is complicated and full of traps and pitfalls for the unwary. Our role as tax experts is to guide you through the tax maze quickly and safely. Tax planning can be short term or long term.

As you approach the tax year-end or your business’s year-end we can advise you of the options available to you, given your individual circumstances, to reduce the amount of current tax that you will have to pay.

On a more long-term approach we can also help you to minimise the tax that you will have to pay on the sale of your business, on or during your retirement, and even on your death. We will often discuss a range of issues with you, such as:

• Are you operating your business in the most tax efficient structure?
• Are you being remunerated in the most tax efficient way?
• Are you making the most of tax allowances that are available to you?
• Are you aware of the tax implications of your business decisions - including the relationship between personal, corporation and capital gains tax, VAT, PAYE and even stamp duty?
• What steps have you taken to maximise the amount that you can pass on following your death?

Too often taxpayers find themselves facing an unexpected tax bill. There is often more than one way to achieve the same desired result from a business or financial decision. Unfortunately, once you have made your choice, the tax consequences frequently follow automatically. It is often too late to unscramble something after the event just because of unforeseen tax consequences. The best approach is always to consider the tax implications in advance. At least that way you will be able to make informed decisions.

When it comes to managing your wealth, it is not what you earn that is so important, but how much of it you get to keep! So if you would like to investigate ways of legally keeping more of what you earn, speak to us today. Don’t leave tax planning until it is too late.

For further information on any of the above please contact Martin Knight. Tel: 029 20734100 or email: martink@bpuaccountants.co.uk