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GR Morgan Formations did a great job after taking over the administration of my UK company. Now company accounts, annual return and VAT are up to date and they do a follow and inform me well in advance about all the deadline and take care of the filing etc. Thanks

Date : 01/23/2014
Author : Giancarlo - Italy

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Offshore Taxation & Difference between Tax Avoidance & Tax Evasion

Tax avoidance and tax evasion sound similar but they are radically different.
A business owner has the right to organize his business in the way that let him to pay no more taxes than necessary. The strategy is called tax avoidance which is all about reducing taxes legally.

Tax evasion, on the other hand, is an attempt to reduce your tax liability by concealment or deceit which is a crime.
If your offshore business is established as a controlled foreign corporation (CFC) you may be liable to pay taxes more than necessary. CFC is a taxable business structure which conditions are varied by country. Its definitions are also varied from nation to nation.

Offshore business owners should be aware of the CFC and how they can play safe to avoid taxes. A reputed offshore business establishment agency can guide them best. The financial advisor of the agency provides knowledge regarding CFC of a country where you would like to invest. Tax avoidance tricks are also suggested by the advisor. Remember, tax evasion can put your offshore business at risks. Your registration may be rejected or you may be liable to pay a heavy fine. You can avoid offshore tax by advance planning.

  • Minimize your taxable income
  • Maximize your tax deduction & tax credits
  • Control the timing of deductions and income

These tricks are useful to avoid taxes.

An effective tax planning is all about forecasting your business and personal income for the next few years. An effective tax plan needs you to take full advantages of all available deduction (both personal and business) to reduce your taxable income. Maximize your tax credits after determining the tentative tax due. Once you claim for all possible tax deduction, prepare yourself for every possible tax credit claim.

Tax credits saves dollars on your tax bill because they directly subtract from your tax bill. If offshore investors conceal their income, it comes under tax evasion. Maintaining two books and making false entries in the record is also a fraud. The investors should avoid to claiming the personal expenses as business expenses.

Overall, knowledge to differentiate between tax evasion and tax avoidance is must to play safe in any business whether it is an offshore or onshore.

Learn more about personal tax and other tax related assistance, kindly visit www.ukincorporation.co.uk/personal-tax