Tax planning is the legal and complex process of arranging your affairs to minimise tax liability. The UK tax system is complex and subject to constant change. We offer proactive tax planning strategies for many SMEs, corporates, and even high net worth individuals.
Types of Tax Planning
Long range and short range tax planning: Short-range planning means planning made annually to fulfil the limited or specific objectives. It is executed at the end of the year to reduce taxable income legally. Also, in short-range tax planning there is no permanent commitment.
Long range tax planning refers to the practices undertaken by the assesses. Long term planning is done at the beginning or the income year to be followed around the year. Long term planning does not help immediately.
Permissive tax planning refers to the plans which are permissible under various provisions of the law of UK.
Purposive tax planning: Purposive tax planning means applying tax provisions in an intellectual manner so to avail the tax benefits based on national priorities.