Corporate Tax Planning and Tax Advisory Services in the United Kingdom
A quick read from 3E Accounting on corporate tax planning and tax advisory services in the UK.
Proper tax planning is considered one of the foundations of successful best practices as tax is a significant expense for businesses. This is especially relevant with regards to corporation tax, where non-compliance can result in stiff liabilities and penalties. Corporate tax planning and tax advisory services in the UK aim to control tax exposure. Managing and planning taxation not only complies with HMRC regulations but also maximises your business outcomes.
An Advisory Framework for Taxation
Tax systems, like the rest of the global business arena, have been undergoing transformations. As a result, tax planning now empowers businesses to manage taxation to their advantage and increase competitiveness. This is especially crucial in a global arena where every single business decision can have an impact on tax.
Structuring your business dealings right can make a huge difference in tax exposure and liability. There is no running from corporate tax, but careful planning can mitigate liabilities and augment benefits. Good tax planning, especially done early on in a business, will ensure compliance and savings. It will facilitate the development of strategies to lower tax exposure.
Advisory firms such as 3E Accounting will be able to provide advice on strategic business structuring for tax purposes. This then facilitates more time and resources towards running the business itself. Choosing a beneficial taxation model that is appropriate for a particular business forms the crux of corporate tax planning.
When done skillfully, appropriate tax planning can lower an organisation’s tax rate significantly. Some models will also be able to plan and reduce a business’ taxable income. It is also possible to maximise financial impact by planning and executing timely payment of taxes. Such comprehensive models work synergistically to improve an organisation’s tax profile and reduce tax exposure.
Each model will be different and can be affected by factors such as geographical location and business structure. For example, some countries are tax havens that attract large corporations as tax is minimal. If your organisation is a non-profit, then exemption for tax liabilities can be utilised to your company’s advantage. Some models may be oriented towards managing and mitigating losses instead. What is essential is to consider and plan for all possible contingencies.
Some of the measures that can be adopted include:
- Short-term or long-term tax planning
- Efficient accounting systems
- Group tax planning
- Corporate tax compliance
- Minimising tax losses including capital gains tax
- Purposive Tax planning
- Capitalising on tax relief avenues
Tax services always add value to a business or organisation, which is necessary for an ever-evolving regulatory landscape. Engaging tax experts ensures a good return on investment, for large multinationals as well as the humble sole trader.
3E Accounting, along with our registered affiliates and partners, offers customisable corporate tax planning and tax advisory services in the UK. We will help you ensure all fling and returns are done correctly and on time, thereby mitigating liabilities. Our team of experts will work diligently to develop a tax plan specifically suited to your organisation. Contact 3E Accounting today to talk about proposals with our global network of specialists.