Many business owners have a clear tax and financial strategy relating to their business, as you’d expect, but how many have a clear strategy for themselves personally? Be it remuneration planning and profit extraction to their end goals – exit plans and beyond.
The intrinsic link between a strategy for the business and one for the business owner personally is often overlooked and even when the two are addressed they are, all too often, done separately which can lead to conflicting ineffective planning.
Even if you are not working full-time in the business, the key to success in developing a personal tax and financial planning strategy is having the right advisers, working together with you, sat around the same table at the same time. All developing a tax and financial planning strategy that’s innovative, easily understandable and meets your objectives whilst being flexible and able to adapt to changes in circumstances in the future.
So who are the right people? For me, the key people are the tax adviser (naturally!), the lawyer, the financial adviser and your trusted adviser, assuming you have one.
Getting to the right place, involves asking a lot of questions. The questions can be on subjects that purely relate to the business, personal issues or those that overlap. One common theme, however, is each question often has either a tax, legal or financial planning consequence. Having all your team in one meeting ensures you end up with a single seamless strategy and not potentially conflicting and confusing advice from each advisor.
If you would like to know more about our approach to tax planning and how we work effectively with you and your other professional advisers, get in touch.
