Tax Planning

Tax planning is the concept of making arrangements to pay the minimum amount of tax that you are legally required to pay. If your accountant tells you each year that nothing can be done about the size your tax bill we would like to be given the opportunity to state otherwise.

In a case involving the Duke of Westminster and the then IRC, the judge stated that

“Every man is entitled if he can, to arrange his affairs so that the tax attaching under the appropriate act(s) is less than it otherwise would be. If he succeeds in ordering them so as to secure that result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax”.

ISIS stands by these comments.

One thing that needs to be made clear is the difference between tax avoidance and tax evasion. One is legal and the other isn’t. An example of tax evasion would be under declaring income. An example of tax avoidance used widely in recent years is the use of employee benefit trusts where employees were able to take loans from a trust avoiding any income tax. HMRC challenged the set up of these arrangements for obvious reasons but in their case against Glasgow Rangers, the judges ruled in favour of the tax payer.

In July this year the well anticipated GAAR or anti abuse rule will be brought into force by Royal Ascent. The GAAR will be a separate rule applicable when ‘a purposeful interpretation of the relevant tax rules results in a tax advantage’. All of the tax planning that ISIS offer involves transactions that are undertaken on a commercial basis. They ensure that the minimum amount of tax is paid when remunerating employees or where shareholders extract cash from their companies.

Using a combination of in-house technical knowledge and affiliations with some of the UK’s leading tax professional firms we are able to give you the same tax advice that is offered to the UK’s largest companies and highest earners. Not only do we provide the best advice you will always receive a bespoke tax planning document that sets out the benefits you will achieve from the planning.

Whether you are self employed or employed there is likely to be some tax planning opportunities for you. We offer a bespoke tax planning service for individual’s and companies where we look at all of the UK taxes holistically. Our advice and planning extends to international tax advice for those individuals and companies that are looking to set up trading abroad.

For more information on personal & corporate tax planning and bespoke inheritance & capital gain tax planning please call us today on 0845 345 7785 to arrange a free initial no-obligation meeting.

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