Who knew there were so many taxes to be aware of – income tax, National Insurance contributions, inheritance tax, VAT, capital gains tax, stamp duty, land tax – and that’s only for individuals.
Registered companies also have to factor in corporation tax and PAYE. In fact, it’s estimated that there are over 100 taxes in the UK!
Efficient tax planning comprises three key methods to defer, deduct and divide. Each method can help to reduce the amount of tax due on wages, tangible assets, acquisitions, profits and estates.