In the United Kingdom, both individuals and businesses have tax obligations. Whilst it is key that we all contribute towards taxes it is important that you understand what you should be paying and that you don’t pay more than you should – this is where tax planning comes in.
A nice simple explanation of Tax Planning is: “the process of forecasting one’s tax liability and formulating ways to reduce it.” –
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It is important to understand that tax planning and tax avoidance are legal, legitimate methods of reducing your tax burden. In contrast, tax evasion is illegal and often involves deliberately misrepresenting information.