Why is tax planning so important?
With the new Government’s first Budget just around the corner, it is essential to take advice about your tax strategy before October 30.
This upcoming budget could bring changes that impact your financial situation, so it’s wise to plan ahead.
By getting ahead of the curve and seeking expert advice before the budget is revealed, you could take advantage of tax-saving opportunities and potentially save yourself a significant amount of money.
The importance of tax planning for businesses
For those running a business, the amount of tax paid will always be directly linked to the amount of net profit you have earned.
Effective tax planning can ensure your business is running tax efficiently, and successfully, in the long-term.
In many cases, it is possible to achieve tax savings by:
- Establishing the right business structure.
- Maximising the allowances on qualifying capital expenditure.
- Maximising the deductions for allowable expenditure.
- Ensuring that any withdrawals from the business are made in the most tax-efficient way.
- Structuring shareholdings and borrowings correctly.
The importance of tax planning for individuals
Effective personal tax planning is equally important for individuals to ensure they take advantage of the allowances and tax-saving opportunities available.
It is possible to save money on personal taxes by:
- Boosting your pension.
- Disposing of shares and assets tax efficiently.
- Making the most of dividends.
- Maximising the use of allowances, reliefs and exemptions.
- Using discounted Gift Trusts/AIM Investments.
- Utilising tax-efficient investments, including VCTs and EISs.
- Reducing Inheritance Tax liabilities through wills and estate planning.
- Investing in woodlands.
Lamont Pridmore is here to help
If your last tax bill was a shock to the system, it’s time to start thinking about how you can reduce your next one today.
At Lamont Pridmore, our tax specialists have a proven track record of helping businesses and individuals minimise their tax bills. In some cases, we might even be able to reduce your tax liabilities to nil.
Our approach has nothing to do with tax avoidance, just good housekeeping to ensure you can legally claim the allowances and reliefs you are entitled to and that you’ve considered the tax implications of every important decision.
We are owner managed business specialists and help a wide range of companies, and their owners, find solutions to complex challenges and open new opportunities for growth and hospitality.
