Why tax planning matters
Tax planning matters because small decisions can have large consequences. How you extract profits from a company, structure a disposal, hold investments, pass on wealth or use your pension can all affect the amount of tax you pay. For many of our clients, the real value comes from joining those decisions up rather than looking at them in isolation.
Why tax planning services are getting more important
In recent years, major changes to the tax system mean that effective tax planning services are becoming more crucial than ever. For example:
- Capital Gains Tax rates on non-residential gains rose on 30th October 2024, from 10% and 20% (basic rate) to 18% and 24% (higher and additional rates). With the annual exempt amount now only £3,000, CGT planning has become more important for many individuals and business owners.
- The Inheritance Tax nil-rate band and residence nil-rate band are fixed at current levels until the end of the 2030/31 tax year, which means more estates are likely to be drawn into scope over time.
- From 6th April 2027, most unused pension funds and certain death benefits come within the scope of Inheritance Tax, although registered-scheme death-in-service benefits are excluded.
- For deaths on or after 6th April 2026, Business Property Relief and Agricultural Property Relief have been reformed. One hundred per cent relief is now capped at £2.5 million of combined qualifying agricultural and business property, with 50% relief above that level.
None of these are distant issues. If your affairs have not been reviewed recently, now is the time to act.
Good reasons to choose tax planning services from THP
- We look at the whole picture. The decisions that save the most tax rarely sit in one place. A profit extraction strategy can affect pension and estate planning. A business sale can raise questions about CGT, IHT and succession planning. We help you to join these threads up.
- We tell you when to act, not just what to do. Many reliefs depend on conditions that take time to satisfy – and some cannot be put in place once a deal is already moving.
- Our planning is practical and robust. We focus on reliefs, allowances and structures that legislation intends people to use, not artificial schemes that may not stand up to HMRC’s scrutiny.
- You can access a wide range of expertise in one place. THP brings together personal tax, business tax, CGT, IHT, legal services and legacy planning, so our advice reflects the whole picture.
- We work best before decisions are locked in. Tax planning is most valuable before a sale, disposal or restructure is already underway, when there is still time to shape the outcome.
Do I need tax planning services?
Many people think tax planning is something only very wealthy individuals or very large companies need. In reality, it is often most valuable for people whose affairs are becoming more complicated and who want to make decisions before their options become more restricted.
You may benefit from tax planning if you are:
- A business owner or company director
- Part of an owner-managed business
- Planning to sell a business
- Selling or gifting assets
- Drawing income through salary, dividends or pensions
- Concerned about Inheritance Tax
- Holding investment assets or second properties,
- Running a business that may qualify for R&D tax relief or Capital Allowances.
What can tax planning help with?
Business tax planning
Advice on profit extraction, remuneration, business structure and Corporation Tax planning to help you run your company more efficiently.
Learn MoreCapital Gains Tax planning
Support before disposals so you can understand likely liabilities, use available reliefs and avoid expensive surprises.
Learn MoreInheritance Tax planning
Practical strategies to help protect more of your estate and pass on wealth more efficiently.
Learn MoreBusiness exit and sale planning
Early advice for owners thinking about a sale, succession or retirement, when timing and structure can make a major difference to the outcome.
Learn MoreR&D tax relief
Support with identifying qualifying activity and preparing robust claims under the current merged scheme or, where relevant, the ERIS scheme.
Learn MoreCapital Allowances
Advice for businesses and commercial property owners who may be missing valuable claims on fixtures, equipment or qualifying expenditure.
Learn MoreWills, trusts and estate planning
Joined-up legal and tax planning to help ensure your wider estate arrangements support your tax strategy.
Learn MoreWealth management
Where appropriate, THP can also connect clients with trusted financial planning support so that tax planning and financial planning work together rather than against each other.
Learn MoreThe THP tax planning process
1. Initial conversation
We start with a no-obligation discussion about your position, your concerns and what you want to achieve.
2. Review
We look at the relevant parts of your current arrangements and identify where planning opportunities may exist.
3. Recommendations
We give you clear, practical advice on the options available and the likely benefits of acting.
4. Implementation
Where you want to move ahead, we help put the plan in place, whether that means restructuring, making claims, liaising with HMRC or coordinating with legal advisers.
5. Ongoing support
Tax rules change, and circumstances change too. We can help keep your planning current.
Who will be responsible for my tax planning?
Karen Jones leads THP’s tax planning service, supported by a wider team covering personal tax, business tax, Capital Gains Tax, Inheritance Tax, legal services and legacy planning. That matters because many of the most valuable planning opportunities sit across more than one area.
For example, a director’s profit extraction strategy may also affect pension planning and estate planning. A business exit may raise questions about CGT, succession and long-term wealth planning. A family concerned about IHT may also need help with trusts, Wills or reliefs linked to business or agricultural property.
At THP, all these factors can be brought together.
Meet the THP tax planning team
Our tax planning services are delivered by an experienced team covering personal tax, business tax, legacy planning and legal services.
Karen Jones
TEP ATT – Tax Manager
Karen previously worked for one of the world’s largest accountancy firms and now helps clients reduce their tax liabilities. Her specialist areas include personal taxation, tax-efficient planning and trust administration.
Ian Henman
Client Services & Legacy Planning
Ian joined THP in October 2016 to set up and manage the firm’s legal services department. Before that, he spent almost 30 years with NatWest and RBS, where he worked with local businesses as a business client account manager.
Kirsty Demeza
FCA – Client Director
Kirsty works with businesses ranging from startups to companies with a £10 million turnover. Her work includes self-assessment tax planning, VAT, audit and accounts, giving her broad experience across THP’s tax planning services.
Debbie West
FMAAT – Client Manager
Debbie runs the day-to-day operations of THP’s Saffron Walden office and has spent her career with the firm. She works with clients on a tailored basis and often advises on tax-efficient remuneration, expense claims, pension contributions and related tax planning matters.
Kate Brasser
FCCA – Client Director
Kate works with owner-managed businesses ranging from sole traders to larger organisations. Her specialist areas include accounts, tax, VAT, and strategy and business planning.
Waqar Aziz
CTA – Tax Manager
Waqar joined THP’s Wanstead tax team in late 2021 as part of the merger with Dutchmans. He is a fully qualified Chartered Tax Adviser (CTA) with more than 30 years of experience across all aspects of taxation, including self-assessment, personal tax planning, Corporation Tax, Capital Gains Tax and Inheritance Tax.
Tax planning FAQs
Yes. Tax planning means arranging your affairs in a way that takes proper advantage of the rules as they stand. That is very different from tax evasion, which is illegal, or aggressive avoidance schemes, which HMRC is likely to challenge.
Tax planning uses legitimate reliefs, allowances and structures that Parliament intends people to use. Tax avoidance schemes try to exploit gaps in legislation in ways HMRC may challenge. THP focuses on genuine, sustainable planning rather than artificial arrangements.
Accurate filing is important, but it is not the same as proactive tax planning. Filing deals with what has already happened. Tax planning is about helping you make better decisions before they happen.
Usually sooner than you think. Tax planning is often most effective before a sale, disposal, restructure or major estate decision is already underway. That said, it is rarely too late to improve your position.
Not necessarily. In fact, many clients benefit from the opposite. If your business and personal finances overlap, joined-up advice can be far more valuable.
As early as possible. Reliefs such as Business Asset Disposal Relief can depend on conditions that take time to put in place, so advice before the deal process begins is usually much more valuable than advice afterwards.
That depends on the complexity of the work. THP will explain likely scope and fees clearly before any work begins.
THP has offices in Wanstead, Sutton, Chelmsford and Saffron Walden, and also works remotely where that is more convenient.
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