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News • 2024-04-12

Tax Planning Helps You Do More With Your Money


Annual Tax Planning

Yes, tax is boring, but saving tax is not and tax planning is a great way to help you and your business achieve more with your money.

What is the best tax planning?

The best tax planning is a strategic approach to managing your financial affairs, with the aim of managing your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, that you pay them on time and that you access all the concessions to which are entitled.

Tax planning is like quality – best made part of the overall operating process, not bolted on at the end.

Working with your business and tax adviser, you can implement strategies to protect your assets and help to optimise your and your business’ overall wealth position.

Tax planning helps you do more with your money

The primary goal of tax planning is to convert payment of the amount of taxes you or your business owes into an orderly and managed process. The goal is not to pay the smallest possible amount.

It is also critical that your focus is on maximising your after tax profits and returns and consider taxes as just another cost of doing business or earning money. That is, you can’t become obsessed with reducing tax and overlook the importance of continuing business profits. What is left over after tax is paid is more important than just big profits or just small tax.

What are the main advantages of careful, strategic tax planning? By managing your tax across the year, you can:

  1. Maximise your after tax profits – strategic tax planning helps your company find the best structures, tax incentives, deductions and credits. This reduces your overall tax liability, cuts your annual tax costs and increases your overall net profitability.
  2. Boost your cashflow – tax planning is a great way to open up more liquid cash and achieve a better cashflow position for the business. When you cut down the company’s tax payments, that frees up cash and helps you achieve a better cashflow position.
  3. Stay compliant and mitigate your risk – being proactive with your tax planning keeps the company compliant with the relevant tax laws and regulations. It’s a sensible way to tick the compliance boxes and reduce the risk of costly penalties and legal issues.
  4. Drive your strategic growth – smart use of tax planning helps you reduce your tax costs and reassign those funds to your strategic business goals. It’s a golden opportunity to invest in areas that promote long-term growth and competitiveness.
  5. Give your business a competitive edge – if managed well, efficient tax planning leads to lower operational costs for the business. This gives you a competitive edge when it comes to pricing, innovation, sales and revenue generation.

How can our firm help you with tax planning?

Strategic tax management includes the choice of business or investment holding structure, considers how funding is arranged, who is paid what as well as awareness of opportunities and pitfalls. This way, you can implement strategies to protect your assets and optimise your business or personal financial position at the same time.

Our approach is to help clients maximise business profits and financial returns and manage the taxation process. This approach supports the creation of maximum after tax profits and returns and the long term building of wealth.  

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Plan your Tax better - Taxation Planning and Management

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