Tax Planning in Nottingham
What is Tax Planning?
Tax planning is the analysis of a financial situation or plans to ensure that all elements work together to allow you to pay the lowest taxes possible.
Why should you do Tax Planning?
Planning tax carefully will not only save money that can be reinvested into a business, but it will also ensure compliance with regulations. Here are the main things that small businesses need to consider in order to remain efficient and keep tax payments under control.
- Plan ahead
- Look carefully at VAT
- Check your classification
- Stay across deductions
- Pay yourself correctly
- Seek professional advice
Benefits of Tax Planning
What are the Benefits of Tax Planning?
To get a head start
For businesses operating under a trust, tax planning creates an estimate of trust distribution early enough, saving the need to make decisions out of rush. Businesses are able to look at the available options and strategize according to the analyzed data. Starting tax planning earlier allows the business to put in more strategies to maximize tax savings.
To See the Bigger Picture
Tax planning allows individuals and businesses to get an insight into the current financial situation. Individuals can assess whether the business structure needs a change and get a sense of potential profits. As a result, a business owner can find new investment options and explore the untapped options to increase profitability.
To Minimize Litigation
Tax evasion and avoidance mainly occur due to high taxes. Tax planning helps in resolving the tax disputes with the federal, state, and local authorities. Tax planning resolves the differences between taxpayers and the government, as the government seeks to collect maximum taxes while the taxpayers look for ways to pay the minimum tax possible. Thus, tax planning saves the citizens and entities from legal liabilities.
To Ensure Economic Stability
The money collected from taxes is devoted to the development projects in the country. Effective tax planning provides a healthy flow of money that contributes to economic progress. Individual and business tax planning creates more money available for personal use and prevents the risk of bankruptcy that may result from difficulties in bills and loan payments. A stable economy benefits both the citizens and the country.
How can Seagrave French help you?
How can Seagrave French help you?
“You are entitled to arrange your affairs to pay the absolute legal minimum amount of tax.”
Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.
We try to do more than just this and are interested in maximising your tax planning opportunities.
We all have to pay our taxes but within the legal framework, there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always fight as hard as we can for our clients.
We can help with tax planning in relation to…
- Personal taxes;
- Business taxes;
- Tax-efficient employee remuneration strategies;
- VAT planning;
- Inheritance Tax strategies;
- Capital Gains;
- Profit extraction strategies;
- Exit strategies;
- Employment status;
- IR35 advice.
Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. We enjoy this work!
It is important that this work is done in advance and you should contact us as soon as possible.
All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law so that you are not put at additional risk from a full HMRC Enquiry, or where there are risks, these are pointed out to you.
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.