Tax Planning

Plan for every financial year with Auditox. Planning for the financial year is the best way to make sure you are paying the correct amount of tax, saving you money and headache! Her at Auditox we offer a professional Tax Planning service that will make sure that you are not at risk of incurring any fines or penalties, we will offer you expert tax advice that will be tailor-made to your companies situation and circumstances.

So what are you waiting for?! Get in touch with Auditox today and get expert Tax Planning today!


Tax planning

Most people want to pay less tax, but this is a dangerous thing to consider. There is a considerable temptation to underpay on a tax return, but the penalties associated with this step make it not worthwhile.

There are ways to lower your tax liability in the UK tax system without placing yourself at risk. Qualified accountants offer tax planning services that reduce your liability without putting you at risk.

Auditox Accountancy offers important information and UK tax planning services for individuals and businesses. If you want to see how effective financial planning can reduce the stress you feel about paying taxes, contact us today.

Tax planning

What do you mean by tax planning?

Tax planning is a way for people and businesses to minimise tax liability. There are many options to reduce a liability without avoiding or evading tax legally.

When managed correctly by a professional accountant, taxation planning is a hugely effective way of minimising expenditure and giving you more money. When mishandled, the consequences of poor financial actions can be devastating.

If you are interested in tax planning, you should speak with an expert. At Auditox Accountancy, we offer professional advice based on your personal circumstances. Many people and firms are taking advantage of legal opportunities to lower their tax bill, and we can help you achieve this goal.

What do you mean by tax planning?

What is the goal of tax planning?

The number one goal of planning is to reduce a person’s liability. Financial planning is a way of legally managing your finances to reduce the amount of tax you pay.

Tax planning is used by a person or business to improve productivity, plan for economic growth and ensure stability over finances.

This form of planning also ensures taxes are paid on time and minimises the likelihood of issues arising later.

What is the goal of tax planning?

Be more tax efficient

People don’t want to pay more tax; they want to spend less each tax year. Being tax efficient makes sense, and paying for advice pays off if it saves more than you spend on in taxes and fees. Financial planners know a wide range of tax benefits, offering planning opportunities that develop your wealth and help you be tax efficient.

Be more tax efficient

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What is Income Tax?

When you earn income in the UK, there is income tax on due it. This applies to:

  • People employed by a company
  • Self employed people
  • People in receipt of benefits
  • Landlords generating rental income
  • People who receive payment from a Trust

Understandably, people want to pay a minimum of income tax , regardless of earnings!

What is Income Tax?

Can I plan my finances with income tax?

A trusted accountant will assist you in managing your taxes to reduce your liability when it comes to income tax. There are available allowances, and people like you are taking advantage of these opportunities. Effective financial planning can save you money each tax year.

Reduce your tax liabilities

If you receive employee benefits from your company, tax planning can assess their value and help you reduce your liability. You can also consider the tax relief associated with pension contributions.

Benefit with an individual savings account

You can also reduce income tax expenditure by using ISAs or passing savings to a spouse. People with a considerable income or substantial savings can take further steps to lower their tax expenditure. There are tax breaks for those who invest in venture capital trusts or have unquoted shares that fit under the Enterprise Investment Scheme.

It is also possible to benefit from making a pension contribution for your children.

What is the Enterprise Investment Scheme?

The Enterprise Investment Scheme (EIS) started by the UK Government in 1994. It aimed to support small businesses, assisting them in raising funds. A private investor backing an EIS company enjoys tax reliefs.

Tax reliefs associated with the Enterprise Investment Scheme include:

  • Capital Gains deferral
  • Income tax relief up to 30%
  • Inheritance tax relief
  • Loss relief on exiting EIS
  • Tax-free growth

Intelligent investors can lower the amount of tax a person pays each year and generate a return on their money. So, investing in the right company or companies can strengthen your future.

Can I plan my finances with income tax?

What is Capital Gains Tax?

Capital Gains Tax, or CGT, is a charge that applies to any return you make when selling something you own. CGT applies to many issues, including:

  • Additional properties
  • Shares
  • An inherited property
  • Investment funds
  • Assets that are transferred at a level beneath their market value
  • Valuables, such as jewellery, antiques or art

The gains on an asset are not taxed at the same rate as income tax. This is because when someone buys these items, they take a risk, which can bring rewards.

Tax advice offers important information

There is an annual Capital Gains Tax allowance. You can enjoy a profit up to this level without paying CGT tax. Speak with an accountant to find the relevant CGT allowance for your records. You can't carry forward unused CGT allowance to a new financial year.

Can CGT assist with tax planning?

How you manage the disposal of assets can lower your liability. Altering a sale's timing might help you pass under the CHT allowance rate for a year, reducing the tax you pay for that financial year.

What is Capital Gains Tax?

What is Inheritance Tax?

Inheritance tax is tax payable, depending on the value of an estate when someone dies. It is possible to reduce or remove this liability with careful planning.

Tax planning with IHT

Inheritance tax (IHT) is tax payable, depending on the value of an estate when someone dies. It is possible to reduce or remove this liability with careful planning.

One option to lower this tax is to use lifetime gifts. There is an annual exemption for gifting money and allowances to grant funds to family members.

Financial planners can plan your estate management to enhance the benefits you give to others without penalising you or them regarding payments.

What is Inheritance Tax?

Pensions are a great tool for financial planning

Planning for the future can be scary, but our services reduce your risk. The UK pension offers some assistance for people in their golden years, but you can maximise your income in these years. Saving and investing in the right way generates more money and lowers your current liability. To safeguard your future, your pensions and your loved ones, get in touch with us to discuss our pension services.

Pensions are a great tool for financial planning

Call on Auditox Accountancy for tax planning support

Who doesn’t want to maximise their income while lowering the amount of tax they pay? Knowing there are safe and valid ways to do so is a great comfort for many people. Whether you plan for retirement or safeguard your future, wealth planning and saving makes sense. Yet, there are risks involved.

You must approach financial management appropriately, and it is best to seek the advice of experienced accountants. At Auditox Accountancy, we have helped many UK clients manage their allowances to improve their financial status. We offer services to individuals and companies that offset tax and generate greater profits.

You don’t need to be a high earner to improve your financial status in this way. We assist people who enjoy a modest income, and we help them do more with their income.

If you would like to discuss your options in maximising your income, we would be delighted to chat, so contact us today.

Call on Auditox Accountancy for tax planning support

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Tax Planning FAQs

What do you mean by tax planning?

What is the process of tax planning?

Tax Planning FAQs

What do you mean by tax planning?

What is the process of tax planning?

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