Tax Planning
Tax planning is the process of analyzing the business's financial position prior to tax deadlines to see what strategies can be implemented to reduce any potential tax liabilities arising.
Effective tax planning considers the timing of income, size and timing of purchases, and any potential positive or negative tax law changes and how these affect the business as well as any personal tax liabilities.
At Glavis Advisory, our tax planning strategies are hosted through a meeting with one of our Directors, where we review your trading for the financial year, assess the timing of income and purchases and see if there is any regulatory changes that may affect the business and through these estimate a tax position for the financial year.
Once a tax position has been estimated we look to see what strategies we can implement to reduce this. We believe that effective tax planning does not just calculate an estimate of your tax to pay and implement strategies to minimise this, but also allows for assisting in better cashflow forecasting by estimating liabilities prior to their due date, we have seen first hand that this is a pinnacle concept for a successful business and its operations.
Effective tax planning is a crucial service for all businesses no matter their size, structure or stage in their business life cycle.
Tax planning analyses a business's financial position to reduce potential tax liabilities.
It considers the timing of income and purchases, and potential tax law changes.
Glavis Advisory's tax planning service includes a meeting with a Director to review trading, assess the timing of income and purchases, and estimate a tax position for the financial year.
Effective tax planning helps businesses forecast cash flow by estimating liabilities in advance.
Businesses without tax planning may have larger tax liabilities and poorer cash flow.
Businesses that do not implement effective tax planning strategies usually end up with larger tax liabilities and experience poorer cashflow which can be crippling to a business and lead to them being one of the 60% of businesses that fail in the first 3 years of operation.