Tax planning involves analysing financial situations with a focus on tax implications to achieve optimal tax efficiency. Its aim is to ensure that all aspects of a financial plan work together efficiently in terms of taxation. It plays a crucial role in financial planning, aiming to minimize tax liabilities and enhance the ability to invest in business growth initiatives. Tax planning encompasses various factors, including the timing of income and purchases, as well as strategic expenditure planning. It is essential for businesses of all sizes, as it aids in achieving business objectives effectively.