Tax planning in ‘interesting times'
‘May you live in interesting times' goes the ancient Chinese curse, and despite regular assurances from successive Chancellors that the tax system is being simplified, as far as tax planning is concerned we live in very interesting times indeed.
Complicated by the overlap of ‘old' and ‘new' rules on matters from pension saving to capital allowances, by changes which take effect part-way through your business year, and by changes which are announced now but do not take effect until one, two, or sometimes even three years later, tax today is a minefield.
With personal tax rates of up to an effective 60% it would be unwise to ignore the opportunities offered by proper professional tax and financial planning. We can advise on strategies to minimise taxes and maximise the strength of your business and long-term financial health by, for example:
- making the most of tax breaks for you and your business
- planning to extract profits from your business tax-efficiently
- making the most of tax-advantaged savings (including pensions)
- reducing the inheritance tax due on your estate.
Timing is crucial:getting the timing of a transaction or investment right can maximise tax relief. The timing also determines when any reliefs impact on your tax payments or your tax code. Sending us your accounting and personal records in good time means we can discuss planning opportunities and help you manage cash flow by giving you early warning of any tax payments due.
Time set aside to plan, to discuss your thoughts on your business and finances with your accountant, pensions adviser, colleagues and family, and to step back from the minutiae of everyday life to look at what you want to achieve is always time well spent.
Talk to us now for advice on making the most of the opportunities available to you and your business this year. We can help with all aspects of your tax and financial planning needs.
Note: this guide refers to ‘spouses'; in most cases this applies also to civil partners
