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LET’S FACE IT writes Tony Byrne (pictured), managing director of Wealth & Tax Management… once you have achieved business success in your life and built wealth, suddenly your biggest expense is tax – both business and personal, and guess what, taxes are going to rise substantially. So what are you going to do about it?
In my experience, it is a good starting point to appoint a tax accountant rather than an accountant. A tax accountant is a qualified accountant who is also a qualified tax professional. So a Chartered or Certified Accountant who is a qualified tax consultant by examination of the Institute of Taxation. Your tax accountant should also be experienced so not a recently qualified accountant.
It doesn’t stop there. What you then need is a tax accountant who recognises their strengths and weaknesses and who is willing and able to work with other tax specialists in their areas of knowledge such as VAT, Capital Allowances, property, research and development, stamp duty, offshore pensions etc. It’s the equivalent of having a great GP who can refer you to various health specialist consultants.
Will the tax specialist be expensive? Yes, of course. Will the tax specialist give you great value for money? Almost certainly. If the tax advice costs a lot but the tax saving is a multiple of a number of times the fee you have paid will it have been worth it? Yes, of course.
So what’s stopping you? Get your house in order. Make those large tax savings. You know it makes sense.
If you are interested in ways to save tax, take advantage of a one-hour Discovery Meeting either at our offices or via a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 January 2024? You know it makes sense. We offer a great cup of coffee too! Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote JANUARY 2024OFFER to book your free discovery meeting.
- RISK WARNING The Financial Conduct Authority does not regulate tax planning. The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This article is based on my own observations and opinions.
