The mistake most people commonly make is to wait until it gets late before they start concerning themselves with their taxes. They tend to forget that throughout the year, there are many decisions and activities that significantly influence their taxes. There are many opportunities that one can easily miss out on when they lack proper, accurate, and adequate tax planning. Tax rules almost always change every year, and these changes usually will affect essential things such as exclusion amounts, credit eligibility, tax rates, and even retirement plan contribution limits. They can directly or indirectly affect spending, investments, savings, and even borrowing decisions that’s one makes throughout the year. Tax planning is, therefore, crucial in organizing your finance to enable you to take full advantage of the many changing rules, which in turn helps to maximize the amount of income you and your family get to keep every year. Different strategies are taken to make sure that every person’s specific financial situation is met. To guarantee that your income is maximized and tax minimized, it is advised that you seek professional help for your tax planning, which is what we specialize in at ANB.
At ANB, our tax plans are quite soft and comprehensive. They are easily made accessible to our clients. We frequently communicate with our clients. This is to make sure that any possible challenges that may arise can always be discussed and solved, to continually update them on any changes in tax codes and how they may be affected by it. We also make plans to exploit all opportunities in deduction, credits, and other possible tax incentives. We also make tax plans to keep you out of non-compliance problems. All we do at ANB is to help our clients reach their financial goals while assisting them in minimizing taxes.
Business tax planning
Tax planning is applied in businesses to help them achieve their financial and business goals. It is beneficial to both small and large businesses as it helps reduce the amount of taxable income and helps reduce the tax rate, lower tax relief or tax credit availability, and individual freedom to choose when taxes are paid. There are many strategies in business tax planning, and here are a few:
Capital gain: it involves taking into account what is being sold and who it is sold to. This helps the business to know what asset is to exempt and which one it should add.
Corporate tax planning: strategies like differing income or profits, capital allowance, or bringing forward costs can be applied to large or small businesses to minimize taxes.
International tax planning: strategies like the timing of tax bills, foreign tax credits, deferral opportunities, and avoiding double taxation can also be applied to international businesses to minimize taxes.
Inheritance tax planning: paying inheritance tax (IHT) when you die will reduce the amount of your estate that gets to end up with your next of kin or loved ones. However, opportunities like gifting properties, strategies involving pension funds, insurance options, and remortgage, and downsizing opportunities can be tapped.
Dividend or Yearend tax planning: strategies can be developed to make sure that your profit in your limited company is maximized, and through proper planning from professionals, you will be given the most efficient and effective way to achieve this goal.
It is, therefore, imperative that you let us at ANB to handle your business tax planning and reviews for you to help you achieve your financial and business goals.