Tax Efficiency

There are many adages and quotes which immediately come to mind when the topic of ‘Tax Efficiency’ is raised.

There are many clients who simply have never been advised, or even considered their tax position, until it is too late to take advantage of the many completely legal and available tax rules and regulations, which exist not only in the United Kingdom but in many other jurisdictions, many of which, depending on the circumstances of a particular client and/or individual, can legally make a huge difference to the amount of tax due, in any given period.

There is a massive difference between tax efficiency and tax avoidance, or to that extent tax evasion!

Whilst tax efficiency is a lawful right for all persons and corporate entities, which in reality is, a ‘right’ bestowed by legislation, it MUST be understood that any form of  ‘tax avoidance’, proposed by many of the so called ‘tax schemes’, will possibly lead to a complete rejection by HMRC, with severe penalties for not only the taxable person/firm, but in many cases the parties who ‘advised’ them to adopt the ‘scheme’ and, of course, blatant tax evasion will definitely be considered illegal, and potentially carry a criminal conviction with the relevant penalties, if contemplated or implemented.

EBG are NOT tax experts, however, based on the expert knowledge and experience of the Principal Mentor(s) and/or their professional advisors, it may be possible to review the particular personal or corporate circumstances and, to ‘point the client in the right direction’ so that they may take independent qualified tax advice from professionals, who specialise in their specific aspect of taxation, if they choose to adopt any of the ‘suggestions’ which EBG may have identified.

The best possible time for any such advice is PRIOR to any potential taxable event, even being considered, as timing is a critical aspect for any review by authorities in determining the lawful aspect of any tax efficient position taken.