Tax planning is not reserved for large corporations or high-net-worth individuals. It’s a vital consideration for anyone looking to optimise their financial position – whether you’re running a business, self-employed, or managing personal finances.
At Burgis & Bullock, we work closely with clients to ensure they’re not paying more tax than necessary. This involves making full use of available allowances, reliefs, and timing strategies, all within the framework of current legislation.
Helen Marshall, Private Client Tax Manager at Burgis & Bullock, explains: “The best time to start tax planning is now. Waiting until the end of the tax year can significantly limit your options. It’s also important to consider how your business is structured. Whether you operate as a sole trader, partnership, or limited company, each model carries different tax implications. So, choosing the right structure can result in significant long-term savings.”
She continues: “For individuals, there are numerous ways to plan effectively. Making use of ISA allowances, contributing to pensions, and donating through Gift Aid are all legitimate methods of reducing your tax burden. Inheritance tax planning is another area where early action can protect your estate and ensure your wishes are carried out efficiently.”
Businesses also stand to benefit from strategic tax planning. Capital allowances, VAT optimisation, and offering tax-efficient employee benefits are not only cost-saving measures – they also support growth and staff retention.
Helen adds: “HMRC are increasingly cracking down on aggressive tax strategies and pursuing substantial penalties. They are also naming and shaming providers and advisers who promote such schemes. If a scheme appears too good to be true, it likely is – regardless of any so-called “guarantees or legal advice” purported to support these schemes.
“Tax planning should be reviewed regularly. Major life events such as marriage, property purchases, or launching a new venture can all affect your tax position. With legislation evolving frequently, staying informed is essential.”
Engaging with a professional accountant ensures your tax strategy is both effective and compliant. At Burgis & Bullock, our team can identify opportunities, mitigate risks, and provide the clarity and confidence you need to move forward.
If you’re unsure where to begin, we are offering a free initial consultation to help you explore your options and develop a tailored tax strategy aligned with your goals. Contact your local B&B office for more advice.
