The aim of of tax planning (sometimes called tax avoidance) is to arrange your financial affairs so you minimise your overall tax liability. Whether you are a sole trader, limited company or a high net worth individual you can benefit from effective tax planning.
Tax planning utilises the existing legal framework to your advantage which can reduce your overall tax liability or eliminate it altogether. Effective tax planning starts with identifying sources of income and the reliefs and allowances that may be available for any given transaction.
Effective tax planning does not just rely on suitable legal structures, such as employee trusts or inheritance trusts, but can revolve around the nature and timing of transactions – making effective use of tax rates and reliefs in different tax years.
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