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Xero – Gold Partner

Tax planning – why is it so important?

By | February 10, 2020

We all dread the ‘how much?’ conversation we have with our accountant once our financial statements and tax returns are complete. Being hit with a tax bill higher than you expect isn’t fun and being expected to pay it in 2 weeks is even worse.

Andrew Mattner, Director of Altitude Advisory explains how our tax planning services can help you avoid these awkward conversations and predict your tax bill for the upcoming financial year.

Every year we offer to all our clients a comprehensive tax planning service that enables you to get ahead of the curve and stay there.

Our most successful clients undertake this review every year for some very important reasons:

  • To be aware of what their likely profit and taxation position is for the year
  • What strategies are available to them to legitimately reduce their taxation exposure
  • How this will affect their planning for the next 12 months.

Our clients know 12 months in advance what their likely tax bill will be and when it will be payable so that the cash flow of the business can be managed so that you’re not caught out. (this can finish the previous paragraph) Never again will you have an unexpected tax bill or not had the opportunity to plan for it.

Depending on the complexity, we conduct a formal or informal review of your business affairs. Profit forecasts and scenarios are established in order to provide you with a “Do Nothing” scenario. This gives you an understanding of your likely profit and taxation payments if you choose to accept the position as it stands. Options and strategies are then provided to help you legitimately minimise your exposure. In some cases, these strategies are simple and can be implemented in your business internally, in other cases they are more complex, and you may need us to help. We’re here for you either way.

The feedback we receive is that the clients that undertake these reviews find the results invaluable. They have certainty around their actions, they can plan strategically, and they can effectively manage their business’ most important resource – their cash.

If you are interested in this service, please contact us via email or call us on (08) 8172 1444 to book an appointment today.

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