Tax Planning

Tax planning is the process of arranging one’s financial affairs in a way that minimises tax liabilities and maximises tax reliefs and allowances. O’Connor & Co can provide professional and tailored advice on various aspects of tax planning in the UK, depending on your personal and business circumstances. By utilising our expertise and experience for your tax planning, you can save money, avoid penalties and significantly optimise your financial position.

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Tax planning can benefit both individuals and businesses in the UK in various ways, here’s how

Saving money: By taking advantage of the available tax reliefs and allowances, such as personal allowance, savings allowance, dividend allowance, capital gains tax annual exempt amount, pension contributions, gift aid donations, inheritance tax nil rate band and business property relief, you can reduce your tax bill and keep more of your income and wealth.
Avoiding penalties: By keeping accurate and complete records of your income and expenses, filing your tax returns on time and paying your taxes by the deadline, you can avoid interest charges, late filing penalties and late payment penalties from HMRC. You can also avoid enquiries and investigations from HMRC by disclosing all your taxable income and gains correctly.
Optimising cash flow: By planning ahead for your tax payments and liabilities, you can manage your cash flow better and avoid any unexpected shortfalls or surpluses. They can also use various schemes and reliefs to defer or reduce your tax payments, such as postponed accounting for import VAT, duty deferment account for customs duties, enterprise investment scheme for income tax relief and capital gains tax deferral, and entrepreneurs’ relief for lower capital gains tax rate.
Achieving financial goals: By aligning your tax planning with your financial objectives, such as saving for retirement, buying a property, investing in a business or passing on wealth to future generations, you can maximise your financial potential and reach your goals faster and easier.

Helping you plan better for the future

At O’Connor & Co, we have a wealth of experience in property tax administration.

This involves choosing the right structure and ownership for property investments, be it individual, sole trader, partnership, limited company or trust. We can advise on the advantages and disadvantages of each option, as well as the tax implications of buying, selling, renting or transferring property.

We can also help with claiming capital allowances, deducting expenses, reporting income and capital gains, and complying with stamp duty land tax and non-resident landlord scheme rules.
This involves taking steps to reduce the potential inheritance tax (IHT) bill on one’s estate when they die. O’Connor & Co can help with making use of the available exemptions and reliefs, such as spouse or civil partner exemption, nil rate band, residence nil rate band, business property relief and agricultural property relief. We can also help with making gifts, setting up trusts, taking out life insurance policies and writing wills to minimise your inheritance tax exposure.
This involves choosing the most tax-efficient way of running a business, whether it is a sole trader, partnership or limited company. O’Connor & Co can help with deciding on the best legal form, accounting method and VAT scheme for your business, as well as claiming relevant reliefs and allowances, such as research and development tax credits, patent box, enterprise investment scheme and entrepreneurs’ relief.
Additionally we can also help with preparing and filing tax returns, paying taxes on time and dealing with HMRC enquiries and investigations