Paying your taxes, and just abiding with the legal requirements your state demands is insufficient. If you want to accomplish greater objectives, such as retiring with a decent pension or simply getting the most out of taxes, you need to have a solid plan for them. At WAYFINDERS Consulting we achieve that for you.
What Is Tax Planning?
Tax planning revolves around the concept of unraveling a strategy in order to pay the least amount of taxes possible. Tax planning ensures that all of the combined elements work for you as efficiently as possible.
When you plan your taxes you become a tax-efficient individual. Therefore, it is vital for you to have a solid tax plan, especially if you own a company or are looking forward to executing a financial investment plan.
Other considerations are your income timing and size, your purchases, and overall expenditures. You must gather all of these to create the best strategy possible. We are believers that tax planning is paramount, and at WAYFINDERS Consulting we make your plans a reality.
What Is Advance Tax Planning? And Why Is It Important?
Advance taxes are those taxes paid in advance for the earned income in a given financial year. It is usually calculated by estimating yearly income. Upon this estimation, you pay at a specific time interval.
Advance tax planning is highly important because they mostly allow you to keep close track both of your income, and the money that must be spent on taxes. At WAYFINDERS Consulting we provide advance tax planning services as well.
Advantages of Tax Planning
- You reduce your tax liability more efficiently
- You also reduce any form of tax disputes
- You acquire higher economic stability
- You optimise resources for your financial future
- You make the most out of tax benefits, deductions, and exemptions
- You leverage your productivity
- You reduce your bills
- You gain more flexibility with your tax payments
- You get to assess your economic situation better
Tax Planning Common Errors
When tax planning, there are common errors that many times surface. They usually consist of these:
- Late tax filing
- Not paying the correct estimated tax
- Not having documentation for tax planning
- Not having correct or complete documentation for tax planning
- Tracking personal and business expenses conjointly
- Only reporting a part of your income
- Trying to perform accounting and bookkeeping duties that exceed your technical knowledge
All of these mistakes can undemandingly be avoided, as WAYFINDERS Consulting creates a feasible, tax-efficient plan that minimizes tax liability, and maximizes tax benefits. Also, we ensure that your taxes are paid timely.
Furthermore, we also provide bookkeeping and chartered accounting services that enhance the advantages of advance tax planning. WAYFINDERS Consulting is your company when it comes to tax planning.
Magnify Your Tax Payment Strategy to the Maximum with WAYFINDERS Consulting
When you hire a company, you want it to fend for your best interests as fiercely as possible. WAYFINDERS Consulting adamantly takes this into stride as well, so that you can be assured that all of your taxes are being paid out in the best way possible. For this purpose, this is what we do for you:
- Income Tax counseling
- National Insurance counseling
- Advance tax planning
- Investment strategies (i.e., EIS, VCT)
- Estate planning
- International taxes