If a scheme sounds too good to be true, it probably is. In particular, do not get involved in a tax scheme that relies on the nondeclaration of income or capital gains, as that would be illegal. A general anti-abuse rule counteracts tax advantages arising from abusive tax avoidance arrangements.
Bear in mind that the tax effect of a decision is only one element to consider. The commercial, practical and financial implications of the decision should always be taken into account. For example, you should not let the tax tail wag the investment dog.
Tax planning can be undone by not submitting the correct tax information on time, or not paying your tax liabilities by the due date. In either case HMRC will levy penalties which could exceed the tax due, or wipe out any tax savings made. You could also find HMRC pays closer attention to your tax affairs in the future.
Tax rules and rates change regularly. The tax regime is subject to frequent changes, so you need to review your financial situation regularly. Last year’s tax saving idea could be counter-productive this year.
Whatever your circumstances, most of us share certain goals, such as making our money work harder, securing a comfortable retirement and minimising the tax burden when passing assets to the next generation. We work with several Wealth Management companies so our clients to achieve all these aims and more. We are entirely independent of fund managers, banks and insurance companies and provide impartial and fully independent financial advice based purely upon what is best for our clients. Our services include:
Read MoreTaxes, as we know, are one of the two great inevitables in life, but you can manage your financial affairs to minimise the impact of tax on you, your family and your business. In fact, the Government actually encourages you to make the most of the reliefs and allowances available. While aggressive tax avoidance is now being targeted by HM Revenue & Customs, you can still ensure your own financial well-being by saving tax wherever possible. When considering any tax planning there are four important points to bear in mind:
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As a firm of experienced Accountants, we can help you with every aspect of forming and running your own limited company. We provide tailored limited company accounting services specifically designed to make your life easier whilst you work.
Whether this is the first time you have considered operating through your own limited company, or you have some experience in operating this way; Runu & Co. will provide all the advice and support you need when setting up and running your limited company.
Small Business Accounting + QuickBooks Services + Cash Flow Management + Business Valuation + New Business Formation + Non-Profit Organizations + Internal Controls + Trust Accounting + Elder Care + Tax Preparation + Tax Planning + Tax Problems
YOUR TAX RETURN CAN BE FILED ELECTRONICALLY SO YOU WILL GET A REFUND BACK QUICKER.
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