Tax Planning

Tax planning has had a bad press recently. It is important to distinguish between the legitimate use of the tax legislation to ensure that the minimum amount of tax is paid, and the more aggressive types of tax avoidance which seek to exploit weaknesses or perceived “loopholes” in the legislation in order to bring about a result which HM Revenue & Customs would certainly describe as “abusive”.

We seek to alert our clients to any legitimate tax planning opportunities that may be open to them, and we can always offer an opinion on any tax planning ideas that may have been suggested to them.

Much of tax planning, however, consists of ensuring that one avoids pitfalls rather than wriggles through loopholes! There are many situations where the desired objective (business or personal) can be achieved by more than one route, but the amount of tax payable differs widely according to which route is taken. We can guide you onto the best path.

Business sales and purchases.

For many business owners, the sale of their business represents the opportunity to cash in on the value that they have built up over many years of hard work, and we can help with planning advice to ensure that any tax payable on the disposal of the business is minimalist. We can also advise on the implications of any warranties of indemnities that the purchaser requires in relation to taxation.

To the purchaser of a business we can help look for any tax skeletons in the cupboard that may cause problems in the future, and once again we can advise on how to structure the acquisition in order to maximise any tax relief available to the purchaser.

Choice of business vehicle

Any business needs to decide whether it will trade as a sole trader, a partnership, a limited company, a limited liability partnership, or a combination of these entities. We are able to offer advice on the most tax efficient business structures.

If you would like further information about our Tax Planning services, please telephone 01872 276116.

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