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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. Continued on page 42...