FEATURE
TAX PLANNING
Why it's essential to keep on
top of your tax affairs
‘In this world nothing can be said to be certain, except death and taxes. So
said Benjamin Franklin, in a letter to Jean-Baptiste Leroy, in 1789. It’s a saying that
holds true today, although the various tax regimes around the world have inevitably
become more complex and convoluted over the centuries.
T ax planning is something nobody likes to
contemplate but it’s the aspect of our private or
business finances that we ignore at our peril.
Fortunately there’s plenty of help available out there from
trained professionals who can help you deal with your tax
affairs in the most effi cient way possible, without falling foul
of the many rules and regulations.
The truth is we plan so many things in our lives without
so much as a second thought. Holidays, weddings, home
improvements – the list is endless. But when it comes
down to tax planning we break into a cold sweat and
relegate the requirement to the bottom of our ‘to do’ list.
It’s a foolish policy. In truth proper tax planning is essential and
is the route to the most effi cient management of our finances.
Tax liability can be reduced or minimised by a host of
legitimate processes, though the dividing line between
tax planning and tax avoidance has become increasingly
blurred. This once again, is where the help of professionals is
invaluable. Using their services you can make sure you benefit
from all the advantageous provisions that you are legally
entitled to, along with any deductions, exemptions, credits,
concessions, rebates and reliefs you may be entitled to.
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