WPL & Co. Chartered Accountants

Tax planning and financial planning are closely linked, because taxes are such a large expense item as business goes on. So planning to reduce taxes is a critically important piece of the overall financial planning process.

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What is Tax Planning?

It defines as “the activities taken to minimise tax liabilities to ensure all available allowances, deductions, exclusions and exemptions are working together in the most tax-efficient manner to reduce the total tax bill”.

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Most individual or company either don’t do any advanced planning or they wait until the last minute to try and do something about reducing their taxes. Advanced tax planning is the process of projecting your tax liability ahead of time, and reviewing your situation to uncover strategies that can reduce your current or future tax liability. By planning ahead and being proactive, you open a plenty of options to reduce your taxes. These options are not available to you when the time comes to actually file your tax returns.

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Tax planning strategies are typically employed to help a business achieve their financial and business goals. There are benefits of tax planning for businesses and planning plays an important role. The benefits of engaging a tax consultant are as follow:

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• Improved cash flow, greater flexibility

- by working with the right tax consultant, you’ll be paying the minimum taxes to the relevant authority, and keep more money flowing into your business.

• Taking advantage of all deductions, exemptions and relief

- keep up to date with all the latest changes and take advantage of these concessions.

• Staying compliant and current

- a tax consultant can identify opportunities within the boundaries of tax compliance and give your business the tax advantages it needs to succeed.