Tax Planning and Tax Saving

There are all the usual offsets against tax. We’re trained to get these; we’ve got the letters after our names to prove our credentials.

Then there are the more specialist areas, where you have to know what you’re doing. You have to think a bit. We do that too.

So you can rest assured that everything that can be claimed for you, in your situation, is claimed.

Whilst complying with the legislation allows our clients to sleep soundly at night, we are just as interested in reducing the overall exposure. The organisation of a taxpayer’s affairs to minimise the amount given to the state is a historic right, within the rules of course. We at Minford believe that it is our primary duty to advise you in this. We will always keep your affairs under review to ensure that you are not paying any more tax than you have to.

Our approach is to deal with tax compliance as early as practicable in the year, so that:

  • You can plan ahead
  • You can budget for any tax liabilities arising
  • You can appropriate and legitimate avoidance action with a clear head, rather than in a deadline-induced rush.

And one size doesn’t fit all! Often the same outcome may be achieved by approaching a transaction from different angles, and taking different options. Spotting these opportunities and working out how they best relate to you (not all will) is tax planning.

This also applies to the larger-scale strategic decisions which are undertaken by people in business. Getting it right can save large amounts of tax. Getting it wrong can be disastrous. We can help highlight and negotiate the pitfalls in your strategy, and advise on how your affairs may be arranged so that your tax exposure into the long term is optimised. This may be for a single transaction; or it may be for the life of your business, its development, expansion, or your exit.

Sometimes there are unintended or unwanted consequences, and we need to predict these too. Thought needs to be put in, and all the issues understood, and time taken to explore all the effects on you, and the risk. You do not want to be left dangling in the breeze five years hence ….. “I didn’t realise ….”

For example, following an incorporation or a restructuring, there can be a short term feel-good tax benefit, which is the bit that’s ‘sold’, but occasionally unforeseen long-term and serious disadvantages. There is a balance which needs to be struck.
This is most often the case with packaged Incorporation and other flavour-of-the-month “products”– not too much real thought about YOU, but a nice little lump of profit for the accountant. No, no, NO!

Private Client Taxation — many of the clients who have chosen Minford as their advisors have a certain level of wealth and more complex affairs. This may include a variety of investment and financial instruments, legitimately designed to maximise the return and protect capital down the generations, not just in one lifetime.
We advise on structures which help preserve wealth. Estate planning is an important part of that, as is helping with rebalancing and refocusing as life naturally takes its course.

Our overseas connections mean that we are more comfortable than many practices with different financial and tax regimes, exchange rate variations, and the risks involved. In these days of global economy and seeking to expand export or supply markets outside the UK, this experience can be important.

If you’d like an overview of your affairs to make sure everything is arranged the best way it can, or bring things up to date in the light of current circumstances, just click here.