Don’t allow taxman to steamroller you

The tax system can be very daunting and it can be difficult to know if your finances are positioned efficiently when it comes to tax, which can take many forms. With the demands of work, running a private practice can be all-consuming and provide only limited time to consider key areas where tax can be saved or to ensuring that key controls are in place to prevent tax being underpaid, leading to penalties.

In no particular order, Ian Tongue gives ten tax-planning tips to ensure you are well placed to minimise your tax exposure and maximise disposable income

1 Consider your trading structure.

Considering the trading structure used for your private work can have the most significant impact on both the quantum of tax paid and timing of payment.