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Mitigate Income Tax

Income Tax Planning

 There are a number of different types of personal income that income tax planning can help you with reducing your income tax bill.

Sole Trader

There is self-employed income as a sole trader and we can help you reduce your tax bill on this particular. You achieve this by simply giving your profits (as much or as little as you want) to a trust and this removes it from your balance sheet for taxation purposes. You then receive the cash back less the fees in the form of loans but not directly from the Trust to circumvent disguised remuneration legislation.

This planning needs to be completed during the fiscal tax-year and not after it, even though your tax return is not due until the following January.
For More details on how this can work for you call us now on 0845 052 3787 or email us on enq@thetaxexperts.co.uk

Limited Company Business Owner

You may have your own business and therefore take a PAYE income and then pay yourself dividends at the end of the tax year. This is a very common way of doing business but not always the best way to minimise your taxes depending on the profit size.

The way we would minimise your tax with this situation is again by using a trust. You would simply contribute some or all of your profits to the trust during the company fiscal tax year or nearing the end of the company year end, but not after it. If your tax year has already passed you would need to extend the company financial year by 6 months to enable a contribution to the trust to be made.

This gives you a monthly income if you so wish or a lump sum at the end of the tax year if you prefer. There are many variations, which you may choose.

This method also mitigates/reduces your corporation tax if you wish. Some companies pay their corporation tax and just take their profits via the trust. There are additional benefits for taking your profits in this way, which we can discuss with you when you call.

Call us NOW for a free consultation on 0845 052 3787

Partnership Income

Partnership income is sheltered from tax in the same way as personal income for a sole trader as shown above.

Additional Benefits

Apart from just saving the income tax on your personal income, which is a huge benefit in itself, you may wish to invest some or all of your income and this can be achieved 100% tax-free with no further fees. As an example if you were to purchase properties with this cash, there would be no tax on the rental profits, you could even sell the properties in the future and pay no Capital Gains Tax and then re-invest the profits. The investments would also be outside of your estate for inheritance tax purposes and also give you 100% Asset Protection.

All this with no further fees as well!

To qualify to avoid income tax and income tax planning you need to have an income in excess of £100,000 per year. Contact Us or call us now on 0845 052 3787 or email the team at enq@thetaxexperts.co.uk and start saving by using income tax planning today!