What is Tax Planning?
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.
It is not just about tax planning; the importance of operating your business compliantly and ensuring your affairs are organised and up to date can save you time and money.
Brookson has a wealth of experience in working with all types of businesses 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.
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