You do not have to pay tax!

At least, not more than the law requires you to.

There is a difference between tax avoidance and tax evasion.

Tax avoidance is legally arranging your business affairs to reduce your tax liability.

Tax evasion is illegally escaping tax through practices such as concealing income, falsifying expenses or deliberately providing misleading information.

One is tax planning. The other is tax fraud.

So, how can you legally manage your tax bill?

• Claim allowable expenses. Keep proper records and supporting documents for legitimate business costs.

• Understand tax incentives. Take advantage of deductions, allowances and reliefs your business qualifies for.

• Choose the right business structure. Understand the tax implications before making major business decisions.

• Plan your cash flow around tax deadlines. Don't wait until payment is due to start looking for money.

The goal isn't to avoid your tax obligations.

It's to understand them well enough to avoid paying more than you legally owe.

Good tax planning starts long before filing day.