subject: Tax burdens can be reduced, expert notes [print this page] Tax burdens can be reduced, expert notes Tax burdens can be reduced, expert notes
Companies and individuals alike are subject to levies from the government but there are ways in which they can engage in asset protection and tax planning to minimise their exposure.
Writing on Bytestart, Mark Turner, tax planning partner at CBHC LLP, said when it comes to businesses, financial strategising concerning taxes should be a primary concern.
He stated: "Compliance is just one aspect of tax management and it's worth finding out what opportunities are available to make a significant difference to the amount you pay.
"Your accountant can work with you to organise your company's finances in the most tax effective way possible, mitigating your liability and optimising benefits to reduce costs."
In addition, such experts can help people with their asset protection in relation to such things as inheritance tax, VAT, employment and international tax and capital gains tax, the expert noted.
Accountants can also explain the advantages and disadvantages of the various structures and ownership patterns when it comes to tax planning, Mr Turner went on to point out.
Engaging in such strategising from an early stage is important, he added.
He also claimed that the "key to effective tax management" is to develop a plan based on the individual circumstances of the individual or firm in question.
Mr Turner commented: "The best firms offer a range of services that will make a significant difference to your personal wealth and business growth."
For this reason, people should make sure they speak to the experts when it comes to identifying ways of mitigating tax bills, he added.
Gaining such advantages may be particularly crucial for people at present given the tough nature of the economic conditions affecting the UK and other countries. Indeed, many people may be hit even harder financially following the spending review to be announced by the government this month.
