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Tax Mitigation Wirral, Tax Planning Wirral, Tax Solutions Wirral

Date Added: July 28, 2014 06:10:54 PM
Author: Adeline Tamayo
Category: Business: Marketing and Advertising

Tax avoidance, tax evasion, tax mitigation, tax planning anyone? What do they all mean? Are they all the same as each other? Do they work? These are the questions that we get asked all the time here at Whitestar Tax and the frequency in which these questions are asked has increased exponentially over the last 12 months as more and more tax structures are ‘outed’ by HMRC. Even by using the word outed, it appears to suggest that a number of these structures (certainly the publicised tax avoidance scheme that you have read about in the red tops) are illegal when in fact not a single one is. Yes, they may have been structured incorrectly by the tax scheme’s promoter and/or originator, however they are not illegal and those mentioned never have been. Also, if you read the small print (at the bottom of page 11 in very, very small print just underneath the adverts for foot warmers and fleece tops) then you will see that very fact mentioned but of course, this fact tends to crush the sensationalism and validity of the piece. Reducing your tax in perfectly legal structures is no different than reducing your tax in a pension or an ISA. I digress. Tax evasion is (excuse the pun) to be avoided at all times. It is illegal and unethical and quite rightly, those involving themselves in this will be brought to book. Tax avoidance by way of a structure that allows the individual concerned to pay less tax – LEGALLY – can be very effective and often carry legal opinions from leading Barristers in the UK who specialise in tax law. In fact, it is a pre-requisite of any of the Whitestar tax Structures that QC opinion is mandatory before we will talk to our clients. In terms of our structures and how they are set up and the potential pitfalls, it is important we note the following characteristics: • None of the current structures fall under DOTAS. • Our structures are fully compliant with all current HMRC legislations and hold Barrister’s Legal Opinion confirming we carry no hallmarks of Tax Avoidance. • None of the current structures fall under IR35 regulations on disguised remuneration. Paying tax – we all should! We completely agree with the above statement and anyone who doesn’t and more importantly, wants to achieve that through Whitestar Tax will be wasting their time. Yes, of course we are talking about helping you to retain up to 85% of your income rather than the usual 50-65% you normally would but with our tax structures, you will pay some tax and we think that is right, as I’m sure you do as well. Anyone who wants to use a tax avoidance scheme where you pay no tax is almost certainly going to be involved in straight forward tax evasion (either knowingly or not) and it will attract the attention of the Revenue in a nanosecond so if you are thinking along those lines, good luck with that. The other point I would like to mention is this; If you retain a tax advisory firm like ourselves, it will be on a pay as you go basis and there is a good reason for that. Of course we would love to be able to ask our clients for £6,000 up front to instigate and start processing the structure but we won’t (even though we will incur costs to ensure the new tax structure is correctly set up from an administrative and legal perspective) and there is a good reason why we won’t and a number of our contemporaries will. We believe that our tax planning works. If we didn’t, then we would charge the client an upfront and non refundable tax arrangement fee because if the scheme didn’t work out for any reason, then we would be better off to the tune of £6,000 whatever happens. Nice work if you can get it and many firms do. No, we have complete and absolute confidence in all of our tax structures to the degree that we take our fees out each month, quarter or whatever your billing cycle is and our fees stop the moment you exit the scheme, either temporarily or permanently. In other words, when you use the structure you incur fees and when you don’t use the structure, you don’t. Not even an exit fee. We believe this makes our tax planning fair, transparent, ethical and above all, the most appropriate scheme in the UK to legally reduce your tax bill…Significantly. So if you are a company director or partner in a Limited Liability Partnership, get in touch with us to arrange a no obligation, no fee review of your circumstances so we can see what we can do for you and ultimately, enable you to pay less tax. In the event you liked this article and also you desire to receive details relating to Tax Solutions Wirral generously stop by our page.