Paying too much Tax? Find out How Tax Planning can Help The end of financial year is almost here and we start thinking tax, and wondering if there is some way we can reduce the amount we will pay. Surprisingly, many people are unaware of the legal and legitimate ways that are available to taxpayers to reduce their tax. This is where taxation planning becomes a very useful strategy to employ and the best place to get up to date advice on this issue is at Charter Partners. The best time to start tax planning is at the beginning of a financial year, as some of the most effective strategies usually require some time to organise. Things like purchasing an investment property or reorganising a business structure are best done with a cool head. However, there are some things that can be done now to set the wheels in motion. Are you Claiming all the Deductions you are Entitled to? It may seem obvious, but the first place to start is making sure that you are claiming the tax deductions that you are entitled to. For sole traders, PAYG taxpayers and companies alike, a visit to a specialist tax North Lakes advisor will be time and effort well spent if tax deductions not being claimed are identified in time for inclusion in your tax return. The next point to consider is whether there is a need for some large and fast deductions, in which case an urgent tax planning consultation should be arranged. Surprises happen in life and you may have just received a cash windfall or an inheritance, or even a promotion that has bumped your salary up another notch. Don’t Delay Getting Tax Advice if you Receive Unexpected Income These are specific circumstances, but delaying any tax treatment of this additional income until the obligatory visit to have your tax return done could be costly. Make an appointment now, so that any action needed to structure your affairs to minimise ongoing issues with taxation can be started immediately. Following up with a well thought out tax plan relevant to your usual situation is the next step. Expert advice is needed here because everyone’s situation is different. An excellent strategy for someone else may not be the right one for your circumstances. Why take the chance that a wrong move could be a financial disadvantage when Charter Partners have skilled, professional people readily available to tailor a taxation plan specifically to you? There are many legal actions that can be taken such as deferring income until the next financial year and pre-paying certain business expenses that will have an effect on your taxable income and, as a result, the amount of tax payable. Get advice from an expert at our website.
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