Once upon a time, Tax Planning was seen as a right of all taxpayers. In fact books even had forewords such as ‘The aim of this book is to enable the taxpayer to minimise his commitments to the Revenue’ (1966).
In the current climate however, the Courts and public opinion have made many forms of tax planning unacceptable and immoral.
As Tax Advisers, this has curtailed many of the more complex ideas issued by specialist firms and enabled us to look at the more everyday arrangements – wait! we can’t use that word – planning – no – scheme – no – as you can see, the market has made it difficult to even find a word which can be used.
It is however, important that taxpayers continue to consider all the options available to them, be it deferral relief for Capital Gains Tax (CGT), Business Property Relief (BPR) for Inheritance Tax (IHT) or Loss Relief for Income Tax.
Here at Lambert Chapman LLP we offer many services which will automatically include a review of your position. Preparation of annual accounts, will consider the best way to extract funds from your business. Preparation of your tax return, will consider options to minimise your income tax liability. For more specialist areas our team can offer reviews for Research and Development costs or Inheritance Tax, for example.
Politics is not everyone’s favourite subject but with all the upheaval over Brexit, we await news on a Budget after we’ve got the General Election out of the way (correct at the time of publication). Tax changes which have previously been proposed are being pushed back in favour of assisting companies for the Brexit transition.
It is ever more important for us at Lambert Chapman LLP to keep across the latest news from HMRC and the Government and pass it on.
If you have any Tax Planning questions you would like to put to our experts, please get in touch.