Tax planning
Tax planning for the creative industries. Almost everything that reduces a tax bill has to happen before the year end. Compliance work happens after it.
Many decisions you make in business will have an effect on tax. We can look at what you are planning to do in the business and in your personal life and identify any sensitive issues that may require tax planning.
Anything from selling an asset and transferring shares, to increasing your earnings or exiting the business, all have possible consequences that will require tax planning.
We find out what is happening in your world and what sort of things you expect to happen in the coming years. Then we will formulate a plan to achieve your goals whilst minimising the tax.
Who needs tax planning in the creative sector?
Tax planning is the proactive work of arranging your affairs (timing, structure, reliefs, remuneration) to legitimately minimise tax before the liability crystallises, as distinct from compliance work, which reports what’s already happened.
WallsMan Creative provides tax planning services to UK creative freelancers, directors and businesses, built around what you’re actually planning to do (hire, invest, sell, incorporate, take on a big contract) rather than generic year-end advice.
Freelancers approaching the incorporation decision: The point where staying a sole trader starts costing more than it saves.
Directors optimising salary and dividends: A calculation that should be revisited every tax year, not set once and forgotten.
Businesses planning something specific — a hire, an investment, a sale, bringing in a partner — where the tax consequences should shape the decision, not be discovered after it.
Anyone whose accountant has only ever done compliance work: If nobody has proactively suggested anything to you before year end, that’s the gap this service fills.
Frequently Asked Questions about tax planning
Tax planning is the process of structuring your income, expenses, and business decisions in a way that minimises your tax liability while staying fully compliant with HMRC rules.
Because creative businesses often have irregular income, project cycles, and mixed revenue streams, proactive planning can reduce surprise liabilities and improve cashflow.
You should start as early in the financial year as possible to take advantage of allowances and timing strategies.
We look at profit extraction methods, timing of income, allowable expenses, pension contributions, use of tax reliefs, and structuring options to optimise your tax position.
Yes! We advise on the most tax-efficient mix of salary, dividends, pension contributions, and retained profits to suit your business goals.
Tax planning increases efficiency and often reduces tax, but the exact impact depends on your circumstances and timing of planning actions.
At minimum annually, but we recommend quarterly or mid-year reviews to adjust strategy as your business evolves.
We typically ask for recent accounts, current projections, expected income streams, and details of any planned capital spend or business changes.