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Tax Planning for Individuals and UK Businesses
Forward-looking advice to structure your income, business and investments as tax-efficiently as possible, within the rules.
Most of the tax people and businesses pay isn’t a single annual event; it’s the cumulative result of decisions made throughout the year, often without anyone stepping back to look at the whole picture. At Durhams Accountants we provide proactive tax planning for individuals and businesses across Wakefield, Yorkshire and the wider UK, looking ahead rather than simply reporting what’s already happened. From how you take income out of your company to the timing of a sale or investment, we help you understand the options available and the tax consequences of each, so you can make informed decisions rather than finding out too late.
Planning Around How You're Paid
For company directors, the balance between salary, dividends and pension contributions has a significant effect on the overall tax and National Insurance position, both for the individual and the company. There’s rarely a single right answer, since it depends on your personal circumstances, other income, and what you’re trying to achieve, whether that’s minimising tax now or building pension provision for later. We model the options specific to your situation and explain the trade-offs clearly, so the structure you choose genuinely suits you rather than following a generic rule of thumb.
Making the Most of Allowances and Reliefs
The UK tax system includes a wide range of allowances and reliefs, from pension annual allowances and ISA limits to the marriage allowance and gift aid, many of which go unused simply because people aren’t aware they apply to them. We review your full financial picture rather than just the figures on your tax return, looking for allowances and reliefs that are often missed, and timing decisions, such as when to realise a gain or make a pension contribution, to make the most of what’s available before it’s lost for the year.
Planning for Business Owners and Growing Companies
Beyond personal tax efficiency, business owners face decisions around company structure, profit extraction, succession and eventual exit, each with significant tax implications. We help you think ahead on these bigger questions, not just the next tax return, so that decisions taken today don’t create unnecessary tax costs further down the line. This kind of planning works best as an ongoing conversation rather than a one-off exercise, which is why many of our tax planning clients build it into regular reviews throughout the year.
Our Process: How We Build Your Tax Plan
1
Understand your position
We review your income, business and personal circumstances in full.
2
Identify the options
We set out the realistic choices available and what each one means for you.
3
Model the numbers
We calculate the tax impact of each option so you can compare clearly.
4
Agree a plan
We help you choose an approach that fits your goals, not just your tax bill.
5
Review regularly
We revisit the plan as your circumstances or the rules change.
Getting a Second Opinion on Your Current Approach
If you’ve never had a proactive tax planning conversation with your current accountant, or simply want a second opinion on how your affairs are structured, it’s straightforward to arrange a review with us without disrupting your existing compliance work. We look at your current structure and recent returns, flag anything that looks like a missed opportunity, and set out practical next steps. If you decide to move your wider accountancy to us at the same time, we handle that transition smoothly, with no disruption to your filing deadlines.
Why Choose Durhams Accountants
Good tax planning is about asking the right questions well before a deadline forces a decision, not scrambling in March to use an allowance that’s about to expire. We take a genuinely proactive approach, flagging opportunities and risks as your circumstances change rather than waiting for you to ask. Based in Wakefield and working with individuals and businesses across Yorkshire and the UK, we combine technical tax knowledge with straightforward, honest advice about what’s realistic and worthwhile for your specific situation.
Frequently Asked Questions
Is tax planning the same as tax avoidance?
No. Tax planning means making full and legitimate use of the reliefs and allowances Parliament has provided, within the rules, rather than aggressive or artificial avoidance schemes we would never recommend.
When is the best time of year to review my tax planning?
Ideally well before your tax year end, since many of the most valuable reliefs and allowances need action taken before a specific date to make use of them.
Can you help with planning around my pension contributions?
Yes, pension contributions are often one of the most effective tax planning tools available, and we help you plan contributions around your annual allowance.
Is tax planning only relevant for high earners?
No, straightforward planning around allowances, reliefs and how income is structured can benefit individuals and businesses at many different income levels.
Do you review my tax planning every year, or is it a one-off?
Most clients find an ongoing annual review most valuable, since circumstances and tax rules both change, but a one-off review is also available.
How much does tax planning advice cost?
Pricing depends on the scope and complexity of your situation. We agree a fee upfront once we understand what you’re looking to achieve.
Want to make sure you're not paying more tax than you need to?
Talk to us about your situation, or use the form alongside this page for a no-obligation initial review.