Paying tax is not necessarily a bad thing when you are running a business - it means you’re making money! However, for most business owners, paying tax is still a significant expense so you should only pay your fair share. This is where tax planning comes into play.
Tax planning is the process used by individuals and businesses to structure their finances to legally minimise the amount of tax you pay. Tax planning is largely focused on reducing your taxable income by increasing expenses. When implementing any tax planning strategies, it’s important to keep in mind that any major asset purchases should be focused on generating income - the tax benefit should be secondary. We aim to increase your assets and business efficiency whilst maximising your tax savings.