I pay a hefty sum in taxes. In a sense, this is good, because it means I have a decent income. Of course, if I had a much higher income, I’d probably get away with paying less to no taxes. You see, when you can afford expensive accountants, you can get away with paying no taxes at all.
I am not talking about tax evasion, mind you. Not paying taxes illegally is not much different to robbing a bank, really. Instead, I’m talking about tax avoidance. Unlike tax evasion, tax avoidance is perfectly legal.
Not being a financial advisor, I can’t tell you how to avoid paying your taxes. I can, however, encourage you read into it. I’m sure you work hard for your money. And I know taxes are a boring topic. But don’t give up a portion of your hard earned money without a fight.
Do you have expenses you can legitimately claim? Do you have assets you could transfer to your spouse? Are you utilising your ISA allowance?
Tax avoidance takes some time to perfect. But it pays off. Makes sure nothing you do is illegal, but don’t pay taxes you don’t have to. Keep your money.
Know of any good tax avoidance actions? Please do share!