Tax Tip #1 - Failing to plan
Failing to plan is planning to fail.
Tax evasion is illegal, tax avoidance has had so much bad press in the recent years but tax planning just makes sense.
The judge, Lord Tomlin, famously said:
"Every man is entitled, if he can, to order his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure this result, then, however unappreciative the Commissioners of Inland Revenue or his fellow tax-payers may be of his ingenuity, he cannot be compelled to pay an increased tax."
Tax planning is perfectly legal as long as its consistent with the law and the policy behind its legislation.
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