The term tax planning gets mentioned a lot, especially as we approach the new financial year. Advivo explain what is it and why we need to do it.
What is Tax Planning?
Tax Planning is the process of reviewing and organising the dealings of a taxpayer or a group of taxpayers. The purpose is to minimise the tax amount to pay, while being legally and commercially possible. Having the right tax planning strategy for your situation can be the difference between a good year or a bad year, so it’s important to consult your trusted business advisor and accountant to get yours right.
Why do we need it?
Business is all about being prepared and planning for the future; and this includes your taxes. Whether the outcome is good, bad or ugly you need to be informed on how to manage it the best way possible. It is also a great time for reflection, where you should discuss your current position and goals for the next 12 months with your accountant or business advisor.
When do we need to do it?
Tax planning is primarily done towards the end of financial year. However, before making large purchases or business decisions, you should first discuss any tax implications with your business advisor or accountant. Some of the best tax planning will be built into your structure and fit in with your longer-term goals. This is why we always say that it’s important to get your structure right at the start.
Come along and register for our online event on 17 June – ‘Business Success in the New Post Pandemic World & Essential Tax Planning Tips’. We will be discussing the essential things you need to be doing now for both pre 30 June and post pandemic.
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