Tax Planning

'There is only one true constant and that is change'.

Never has this statement been truer than in the area of taxation.

With taxes seemingly ever on the increase, proper knowledge of the tax system and planning your tax is now more important than ever before. However, as Lord Tomlin said in the 1935 tax case of Duke of Westminster v CIR:

'....every man is entitled if he can to order his affairs so that the tax attaching is less than it otherwise would be.'

So, you are perfectly entitled to organise your tax affairs to pay the minimum, within the law.

We all know that our government needs to raise money and that it has to come from us in one form or another, but does it all have to come from you? There are opportunities for all of us to minimise our tax liabilities. By how much depends on our income levels and our personal situation, which is different for everyone.

Company Directors and shareholders have specific areas for tax planning available to them in the form of benefits in kind, pensions, bonuses and dividends to name but a few. The important thing is how these all interact with one another and to get professional advice before you make any final decisions