Tax planning is the legal process of arranging your affairs to minimise a tax liability.
There is a wide range of reliefs and provisions that are available to legitimately reduce a tax liability without straying into the rather more challenging area known as tax avoidance.
We believe you should never pay a penny more tax than you need to.
Tax is complicated! Regulations are becoming ever more complex and time-consuming, with increased reporting responsibilities, a stricter investigation regime, and harsher penalties for non-compliance. That’s why it’s essential to have an experienced team of tax specialists working on your behalf.
We proactively review your affairs to ensure that your business is operating within the best structure and that you take advantage of all available government tax reliefs. We look at all the angles so you have complete peace of mind that whatever choices you make will be the right ones.
Personal tax planning
With tax becoming more complex and more emphasis being put on tax payers individual responsibilities we can help you ensure you are compliant and supply advice on Income tax, capital gains tax, inheritance tax, trusts and estates and non-domiciliary tax issues.
Business tax planning
We can assist your company in formulating and submitting calculations of business profits compliant with the latest changes in legislation, making the most of deductions and allowances available to the business.
Tax efficient remuneration packages – including dividend planning
As a limited company owner or director one of the key items on your tax planning is how you pay yourself, optimising the level of salary and dividends. We can help steer you through this process to ensure you are taking advantage of the options open to you.
Employee benefits packages
An employee benefits package is a collection of non-wage compensation that supplements an employee’s salary. We can help you select a range of benefits to help attract and retain talent within your workforce.
Business structuring
Whether you are starting a new business or changing an existing one, we can design a structure that is tax efficient today and as your business grows. We can assist the structuring of your business including the setting up of limited companies, joint ventures and Limited Liability Partnerships (LLP).
Trust & estate planning
We can advise you on the use of trusts and other structures and the designing of your will to ensure that your long-term wishes for succession are dealt with appropriately. We will also regularly review your succession plan to keep up with rule changes and ensure you and the trust get the maximum benefit from any relevant reliefs.
IR35 reviews for contractors
IR35 Contract Reviews are the first step in determining IR35 status. Contractors who are, or are hoping to operate outside IR35 should have their contracts reviewed by a professional. It’s important that any necessary amendments are made to the written terms as early as possible and it also shows that you have taken ‘reasonable steps’ to ensure that your contract is outside the IR35 legislation.
Company car planning
A company car is something that can benefit both employers and employees, provided you plan accordingly. We offer guidance that covers some ideas for tax planning for the provision of cars to owner-managers, their spouses / civil partners and employees.
Exit planning
Exit planning is the complete strategy for exiting a privately held company. It involves analysing the financial, legal and tax options and repercussions. We can help you plan your exit strategy, decide on a plan for when and how to do this, taking into considerations all implications.
At Tayabali Tomlin, it is our role to understand the complexities of Tax Planning so that we can explore and advise you on:
- Where the law provides opportunities for tax mitigation.
- Where anomalies and idiosyncrasies in the tax code present potential advantages.
- Where unusual circumstances exist which enable you to access favourable reliefs and outcomes.
