Tax Avoidance a Practical Guide for Uk

This book aims to give the reader, UK tax saving information, ideas, and techniques. The book is set out in a simple to follow format making it an interesting and exciting read for people interested in cutting their tax bill. It has tax saving ideas for individuals, families, couples, the elderly, business owners, and businesses.

Acknowledgements

iii

Contents

iv

Introduction

1

(1)

Chapter 1

2

(40)

Avoiding Tax

3

(39)

Cutting Back On Your Taxes

9

(1)

Income Tax

9

(1)

Take full advantage of your entitled allowances

9

(2)

Family

11

(1)

Tax credits

11

(1)

Parents

11

(1)

Child tax credit

12

(1)

Working tax credit

12

(1)

Married couples file separately

13

(1)

Child maintenance

13

(1)

Allowances

13

(1)

Children's personal allowance

13

(1)

Married couples allowance

14

(1)

Personal allowance for under 65s

14

(1)

Personal allowances for over 65s

14

(1)

Capital gains tax (CGT)

15

(2)

CGT and couples

17

(1)

Offset your CGT allowance

17

(1)

CGT, shares, and securities

18

(1)

Taper relief

19

(3)

Other reliefs

22

(1)

Residence and domicile status

22

(1)

Inheritance tax (IHT)

23

(4)

Investment Types Suitable For Tax Efficiency

27

(1)

Use tax-exempt savings

28

(1)

Married or partnered investments

28

(1)

Invest in unit trusts, investment trusts, and OEICS

29

(1)

Pension

29

(2)

Pensioners investments

31

(1)

Overseas pensions

31

(1)

Invest offshore

31

(1)

Warning on using offshore investments

31

(1)

Life Insurance Tax

31

(1)

Void ISAs

32

(1)

Buy-To-Let And Stocks

32

(1)

Invest In Small Companies

32

(1)

Enterprise investment scheme (EIS)

32

(1)

Qualifying companies

33

(1)

Losses made on Securities

34

(1)

Employment

35

(1)

Taking income tax rates into consideration

35

(1)

Working from home

35

(1)

Repayment claim form

35

(1)

Multiple employments

35

(1)

Receive interest gross

35

(1)

Employee share schemes

36

(1)

Tax-free fringe benefits

36

(1)

Property

37

(1)

Letting your home

37

(1)

Buy-to-let

38

(1)

Rental losses

38

(1)

Rent-a-room relief

38

(1)

Stamp duty

38

(1)

Other Tax Saving Ideas

39

(1)

Change cars

39

(1)

Relocate

39

(1)

Duty free

39

(1)

Gifting

40

(1)

Gift aid

40

(1)

Confirm your tax code is correct

40

(1)

Make sure tax details are up to date

41

(1)

Chapter 2

42

(15)

Minimising Your Current Tax Liabilities Through A Business

43

(13)

Types of businesses

43

(1)

The sole trader

44

(1)

Advantages

44

(1)

Disadvantages

44

(1)

Partnership

45

(1)

Advantages

45

(1)

Disadvantage

45

(1)

Limited company

46

(1)

Advantages

46

(1)

Disadvantages

47

(1)

Limited liability partnerships (LLP)

47

(1)

Using your business to minimise your taxes

48

(1)

National insurance

49

(1)

Consult or contract

50

(1)

Partnership tax return

50

(1)

First year allowances

50

(1)

Pre-trading expenditure

51

(1)

IR35

52

(1)

Reducing payments on account

53

(1)

Roll over relief

53

(1)

IRS mistakes in tax calculation

53

(1)

Provision of computer equipment

53

(1)

Cars

53

(1)

Pool cars

53

(1)

Using your own car

54

(1)

Advisory fuel rates for company cars

54

(1)

General advice

55

(1)

More Information

56

(1)

CONCLUSION

57

(1)

APPENDIX

58

(31)

Appendix 1

59

(30)

Offshore Tax Consultants

59

(30)

Notes

89

(2)

Other Works By Samuel Blankson

91

(22)

About the Author

113

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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Tax Avoidance a Practical Guide for Uk Residents

Summary

Table of Contents

Supplemental Materials