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Hate paying taxes? Read on…

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I HATE paying taxes writes Tony Byrne (pictured above), managing director of Wealth & Tax Management. Why? Because I think the government taxes us too heavily and is very inefficient and wasteful when spending our money.

Virtually everything the government does could be done better in the private sector. Ultimately, taxation is theft. So what should you do to pay less of it?

Well, there remain numerous ways to reduce the tax burden and so here are some ideas that could work for you.

  • Form a power team of tax specialists;
  • Consult with your team regularly;
  • Study taxation by reading books, attending seminars/webinars, listening to podcasts, watching videos etc;
  • Start implementing what you have learned;
  • Slash your tax bills;
  • Next tax year rinse and repeat.

Taxation in the UK is now 38% of GDP. That is the highest rate of tax since the 1950s. So it is important to do something about it. In spite of today’s heavy tax burden, there are still a surprisingly large number of ways to reduce it considerably. You just have to be smart about it.

Understand that there is a difference between tax avoidance and tax evasion. The former is legal and the latter is illegal. Unfortunately, the government is increasingly trying to make tax avoidance sound like tax evasion.

If you use a tax planning strategy to minimise your taxes, make sure that it is not caught by DOTAS which stands for the Disclosure of Tax Avoidance Schemes. An excellent tax specialist will ensure you do not fall into that trap. If you fall foul of this regime, your planning could become outlawed by HM Revenue & Customs.

So choose your tax advisers carefully. You know it makes sense.

If you are interested in ways to save taxation, take advantage of a one-hour Discovery Meeting either at our offices or via a video conference call at our expense worth £270 to each of the first three readers who contact us before 29 February 2024. You know it makes sense. We offer a great cup of coffee too. Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote FEBRUARY 2024 OFFER to book your free discovery meeting.

RISK WARNING The Financial Conduct Authority does not regulate tax planningThe information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This article is based on my own observations and opinions.

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