Tax planning is the process of managing your financial affairs in such a way as to legitimately minimise the amount of tax you have to pay. This can involve taking advantage of tax deductions, credits and exemptions, as well as structuring your finances in a tax-efficient manner.
Tax planning typically involves working with us to review your financial situation and identify opportunities to reduce your tax liability. Plans might include deciding how to withdraw money from your business, when and how to dispose of assets including your business, how to plan for your estate and even whether or not to use a company car.
It is important to note that while tax planning is legal, tax evasion is not. Tax evasion involves intentionally misrepresenting your financial affairs in order to avoid paying taxes or engaging in tax schemes of questionable legality. Tax evasion can result in serious legal consequences. It is important to note that our firm will only suggest legal and ethical tax planning strategies.