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UK Tax & Wealth Management

Information and background on Wealth Management Inheritance Tax, Investments, SIPPS, Non Doms & Tax.

 


UK Tax Evasion & Avoiding UK Income Tax


Whilst tax evasion is against the law in the UK, there are many perfectly legal ways in which you can reduce your tax liabilities and avoid paying tax all whilst remaining on the right side of the law. Are you self-employed, a sole trader or a director of a limited company? Have you recently inherited or do you stand to inherit a significant sum of money? Do you run a small business and a concerned about how much VAT you are paying?

If the answer is yes to any of these questions then you could reduce the amount of tax you are currently paying by restructuring your business model or taking advantage of one of the many loopholes in UK tax law.

For example, as a sole trader you could benefit from setting up a limited company if you are currently in the higher rate tax band. Similarly, there are cases where directors of limited companies can reduce their tax bill by operating as a sole trader. Moreover, if you own a business you can reduce the amount of capital gains tax you pay by making a spouse or partner a joint owner.

There are also a number of ways to avoid paying tax on expenses. If you use any part of your home for working you can legally claim for tax relief on your utility bills, the cost of your phone line and broadband, your insurance and any maintenance or repair bills. If used for business, you may also be able to claim tax relief of on business mileage and fuel costs. What is more, there is often no need to keep detailed receipts; simply documenting and recording the bills is in many cases sufficient.

Landlords or anyone who rents out a room in their home can also reduce their tax bill by taking advantage of one or more of several government schemes.

Even if you pay tax via Paye-As-You-Earn (PAYE) there are ways and means for avoiding tax. Setting up ISAs and taking advantage of the yearly tax freeallowance is just one of these.

All in all there are dozens of methods for avoiding tax depending on your circumstances and employment status.

Self Invested Personal Pensions


Hopefully, these will provide some useful background on the issue, and equip you to make informed decisions and choices in this most financially sensitive of areas.

If you would like further assistance or more information on this subject please contact us through this email link enquiries@taxworld.org

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