Tax Planning
Our role is to help you find advisers/solutions that can help you reduce, mitigate, defer or eliminate a tax liability as part of your overall "Strategic Plan for Life".
However we do not advocate tax planning out of context. You may be happier paying tax and only using “acceptable planning” arrangements – it is not our role to convince you otherwise!
Currently the Government distinguishes between “tax avoidance” (legal but irritating to the Government) and “acceptable planning” (legal and actively promoted by Government).
Tactical Tax Planning
Arrangements that are acceptable to the Government include:-
- Enterprise Investment Schemes (EIS)
- Venture Capital Trusts (VCT's)
- Registered Pension Schemes (e.g. SIPPs)
- Approved share option schemes
- Individual Savings Accounts (ISA's)
- Inheritance Tax (IHT) exemptions and reliefs
These acceptable arrangements are common place and form part of ongoing tactical planning for clients.
Ensuring you have the appropriate tax “wrappers” in place will enable us to reduce your tax liability and manage your wealth effectively.
Bespoke tax planning
Whatever the tax problem there are methods to reduce or eliminate the liability if you are motivated to do so by implementing bespoke strategies.
The main features of bespoke strategies are as follows:
- Can cost several times as much as conventional strategies
- Rely, up to a point, on not being widely publicised
- Participation could lead to an investigation by HMRC
- Many schemes will require you to sign a non-disclosure agreement
There are numerous planning opportunities. Examples include the following:
- corporation tax - innovative structure that generates corporation tax relief and income tax reduction
- capital gains - commercial structures that allow companies, individuals and trusts to mitigate their tax liabilities on potential capital gains arising from the future sale of assets
These opportunities carry a number of risks. We will work with your accountant, solicitor and other tax advisers to achieve an integrated approach.