What happens if I overlook the importance of tax planning?
In today’s world of increasing entrepreneurial success and ever-changing tax legislation, businesses and individuals need to think very carefully about tax planning and take advantage of the many tax saving opportunities available by seeking specialist tax planning advice.
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 is absolutely vital to ensure that your business is running tax efficiently and ultimately 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 tax planning is equally important for individuals to take advantage of the allowances and tax saving opportunities available. It is possible to save money on personal taxes by:
- Maximising the benefits of your, and your spouse or civil partner’s, personal allowances and basic rate bands.
- Making best use of your tax-free benefits and salary sacrifice schemes.
- Owning the most tax-efficient motor vehicle for you and your family.
- Keeping on top of appropriate pension contributions for you and your family.
- Making the most of tax-efficient borrowings and interest relief.
At Lamont Pridmore, our tax specialists will work closely with you so you can consider the tax implications of every important decision before it is taken. Our approach has nothing to do with tax avoidance, instead it is just good housekeeping to ensure that you can legally claim the allowances and reliefs that you are entitled to.
We will also undertake an annual tax planning review 3 months before your financial year end and again 3 months before the 5th April each year, to ensure that you keep your business and personal tax liabilities to a minimum.
To find out more about our Tax Planning and Tax Saving Service WATCH our short video.
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 in the tourism and hospitality sector to minimise their tax bills and, in some cases, we might even be able to reduce your tax liabilities to nil. Get in touch today to find out how we can help by calling 0800 234 6978 or email email@example.com.