In 2015, it is forecast that UK taxpayers will give away an unnecessary extra £4.9 BILLION in taxation.
Tax is an important feature
s of any economy as the government needs essential taxes to keep the country running.
However there are lots of legitimate legal opportunities for you to reduce how much tax you pay. Personal tax can be complex and small business tax even more so. Most people are scared of not paying tax, but why should you pay more than you need to?
Common areas where tax allowances are not maximised are:
- Savings (not using the right savings products)
- Retirement planning (not saving enough)
- Inheritance tax
- Capital gains (by not saving/investing into the correct tax efficient product)
- By not seeking specialist professional advice