Tax is potentially the greatest cost you will ever face in business or in your personal life. One of the most important aspects of your business and personal life should be tax planning.
The purpose of tax planning is to take advantage of available opportunities under current laws to reduce the amount of tax owed under a particular tax head. Tax planning involves tax avoidance and tax deferral rather than tax evasion.
Good tax planning involves examining the commercial implications of transactions and transaction structures rather than simply examining the tax consequences.
Tax planning should include an assessment of how the individual tax heads interact with each other as it is often the case that a structure that reduces Capital Gains Tax, for example, might cause Income Tax at a higher rate to become payable.
Nearly every aspect of business and personal life which involves finances also involves tax and good tax planning and consultancy can pay for itself many times over.
At McGovern and Associates we cover all areas of taxation, to speak to one of our specialists call us on 01-6233760