Tax Planning and Advice
Tax planning should be exactly that – planning. It cannot be done retrospectively and in most cases there is no magic bullet. Claims by others that massive savings can be made are usually greatly exaggerated. Proper tax planning and advice involves the effective use of reliefs and allowances available under existing tax law to suit the specific requirements of the business or individual(s) in question.
As a matter of course, when dealing with your other affairs, we will, where possible, consider your overall tax position, for example in planning how best to draw remuneration from your business.
However, tax planning is most important and relevant when considering possible changes to the structure of a business, in the affairs of individuals or impending transactions. This is because there are often a number of different ways in which a change can be implemented, often with very different consequences for tax.
Tax planning and advice does not have to be aggressive to be effective, but it does need to be carried out at the right time and in the right way. Over the years, many tax schemes have failed due to poor execution.
We never forget that the main priority of our clients is to run their businesses successfully and to live their lives without the risk of having to defend an over aggressive tax structure.