While the effects of the recession on cash flow and business profitability are on the minds of many, combined with the continued threat of tax increases, it is essential that careful long term planning measures are implemented to ensure that your business and you personally never pay more tax than is necessary.
Effective tax planning vs risky tax avoidance schemes
There are 2 main problems to undertaking risky tax schemes:
- They very rarely work, and should they fail then you will be left in a far worse financial position than you were from the outset.
- If the scheme does work and you are able to reap the rewards your joy may be short lived as the HMRC are able to retrospectively review schemes, close them down, and penalise companies who benefitted from them.
Our experience has proved that a well planned and well implemented tax planning strategy will ultimately ensure that you pay the minimal amount of tax possible now, and moving forward.