Tax Guru
Check out our Tax Guru videos on the business expenses you can claim:
Tax Planning Top Tips
Confirm your IR35 (employment) status
Plan the split of dividends with any other shareholders for 2011/2012
Consider Pension Contributions
Include the right expenses
Avoid Directors’ loans
Dividend timing
Capital expenditure
Ensure tax payments are up to date
It is important to stress that this is general guidance and should not be relied upon in isolation as either tax or financial advice. Before choosing a course of action it is always advisable to seek a professional opinion, so your unique personal and business circumstances can be considered.
Tax Planning Explained
Many people think that tax planning involves complicated arrangements and structures which accountants or lawyers create to reduce the amount of tax that you pay, however this is not the case.
It is important to point out the difference between tax planning and tax avoidance or evasion. Tax planning concerns using the existing rules to structure your affairs in a tax efficient way to your best advantage, whilst tax avoidance can often involve expensive, more risky and often artificial arrangements. To enter into these sorts of arrangements you need to be comfortable with the additional associated risk of HMRC investigation and costs.
Tax planning is accessible to everyone and the Government regularly introduce new legislation and allowances. Understanding these and how they might apply to your circumstances allows you to ensure you pay the right amount of tax and not a penny more.
Brookson has a wealth of experience in working with freelancers and contractors and a depth of expertise in the taxes which impact them. The guidance section of this website will cover a range of ideas for tax planning which we believe will help you to minimise your tax bill whilst always ensuring that you comply with current rules.