Overwhelmingly, throughout my professional career, my clients have tended to be successful owner managed business-men and women. Being people successful in business they have nearly all known only two things about tax. They all say ‘its too hard and its too high’. Its that repeated comment which guides my philosophy as a tax adviser. What I aim to do is:

• Make tax simple; and
• If possible, make it lower

Successful people in business don’t want me to show them how complicated and confusing tax is – they know that only too well already. They are successful in large part because they are good at making decisions but they can only make good decisions if they have a clear understanding of the choices they can make. That’s what I aim to deliver.

I have never understood anything complicated. I say that even though I have a MA degree from Cambridge University and I have passed all the nasty tax exams in the Revenue. Is that a strange thing to say? No, because, like everyone else, I only understand things which I make simple. Making things simple is what aids understanding and tax is no different than anything else. The best complement I get paid is when someone says ‘its good talking with Cormac, I understand’.

A few years ago it was becoming a little more challenging to make tax lower when rates were being reduced. Taper relief producing CGT for many at only 10% made life difficult – for a tax adviser like me. What a delight therefore – for a tax adviser like me - were the recent Labour Budgets! 

• 50% tax on incomes above £150k,
• removal of personal allowances for anyone on £100k or more,
• tax relief on pension contributions slashed in halve for many ‘high earners’
• and the prospect of a hike in NIC rates across the board from April 2011.

Its back to painful levels of tax for many owner managed business-men and women. That gives plenty of scope for making tax lower for clients. There is no need to enter highly artificial or provocative tax schemes to achieve that – they will only end in tears all round. There is plenty of scope to manage your affairs sensibly to pay a lower amount of tax. My aim is to ensure that none of my clients pay 50% needlessly. I am confident I can achieve that. And I’m sure I can help you with your tax affairs as well.