Since the Finance Act receiving Royal Ascent on 19th July 2011 there’s been something of a rush in some quarters to check the effects on tax planning advice and tax planning schemes. Luckily the two leading UK providers of tax planning services that we work with were well ahead of the game and we’re able to talk with confidence to clients about our current tax planning options.
It did set me thinking however about how individuals and business owners can be sure they are getting the best possible tax planning advice and taking advantage of the latest tax planning strategies without putting themselves at risk from some of the risks.
Factors to consider when tax planning
- Are the advisors and providers reputable and experienced in tax planning? Can they demonstrate their expertise?
- Are you clear who you are dealing with and are they an established firm? Most importantly are they large enough to be around in the future to defend any revenue challenges should they occur?
- Are the savings worth having, when you weigh up any risks involved? Do you fully understand these risks, have these been fully explained by your advisor?
- Could the tax planning advice fall foul of anti tax avoidance legislation?
- Does the strategy satisfy my financial needs, for example for a regular and stable income?
High rate tax payers, shareholders (in both trading companies and investment companies), property owners and property purchasers and those with significant unrealised gains on investments can all make significant savings with the right tax planning advice, so it’s worth asking your advisors the question – am I maximising the current tax planning opportunities and if not, what options do I have?
Chartered Accountant and Tax Planning Specialist