A new tax year, another extortionate tax bill no doubt…
2012 was a great year for debating whether we paid too little or too much tax. Just like marmite, morally you stand on one side of the fence or the other. But rather refreshingly, no one sits on it.
Problems arise however, when you find yourself standing on one side of the fence and looking at others on the other side. And you start to feel that, so long as its legal, you’d rather pay the least amount of tax possible and look for ways to clamber over the fence.
As many of you will be aware from my regular updates and appearances on the CPD circuit this year, there are some very simple solutions available to you which could save you varying amounts of tax, depending on your attitude to risk.
Indeed 2012 ended with a great many of our clients seeing their tax bills halved thanks to their proactive approach to tax planning. If you are quite content with paying all the direct and indirect taxes that you currently pay then you need not read any further.
But if you are still recovering from paying your January tax bill, or worse, if you are still in the midst of paying it, you should certainly be thinking about proactively planning to avoid being in the same situation next year. By far the most exciting option available could allow you to not only keep 82% of your income after all tax and NI, but could also see your January 2014 tax bill reduce by a whopping 1/3!
This solution is fully compliant with all current UK tax laws (see our review of the 2013 Budget announcements below) and supported by Counsel’s Opinion. The only caveat is that we know for certain that this solution will not be around forever in its current format, but that bears no consequence on any use of it until that point. All the more reason to take advantage of it while you still can…?