Tax avoidance clampdown should not hinder tax planning
There has been much in the news about tax avoidance and most recently, HMRC has announced a clampdown on tax planning as part of its transformation of its services. This may worry some business owners when it comes to tax planning and choosing a provider of such services.
So whilst the whole area has come under increased scrutiny, it is worth remembering that the key objective for all business owners should be to pay the amount of tax they are duty bound to do, whilst not paying more than they should through not being advised about tax efficiency from qualified experts.
Benefits of tax planning specialism
There are many tax planning experts available to help business owners of all sizes – whether high net worth individuals or small company owners – to help them run their business effectively and advise on the best tax planning processes. Tax evasion and avoidance are different from tax planning, and firms should not let the news around tax avoidance schemes put them off seeking an expert.
A specialist in the area of tax planning will be able to best help a business owner on issues ranging from the correct personal and corporate taxation – given the landscape is ever-changing with new legislation being developed all the time – through to taxation or relief relating to expenses and charitable giving. Other areas where expert help is a must is in the area of inheritance or capital gains tax planning – or in the case of tax investigations.
Business owners have differing objectives and life goals and working closely with an expert to communicate these means the application of tax planning can be tailored to those goals – which can dramatically aid the achievement of them with the right tax solutions.
Finding a tax planning expert
With many forward-thinking accountants now offering far more than simple end of year tax returns or payroll services – aiming to work closer with businesses to provide more of an overall advisory role in relation to many aspects of running a business – tax planning becomes more integrated and ongoing. For instance, our Board Support service offers management reviews as standard, which would include tax reviews. This innovative fixed-fee solution offers a higher level of support for businesses, so ongoing monitoring will ensure that the best tax solutions are always being employed.
In any case, by working closely with an accountant to ensure access to the best advice not just on tax planning, but all other areas of running a business such as growth and funding, owners can ensure they have a head start and continue to take the business from strength to strength.