Tax structures / avoidance?

rtwh13

Does anybody know of a firm / company who are in a position in which they are able to reclaim some of my income tax? Have looked at film partnerships... etc... does anyone know of any that definitely work? Short of that, something that can at least be insured? Any help would be much appreciated.
Thanks,
RTWH

dzug1

rtwh13 wrote: »

Does anybody know of a firm / company who are in a position in which they are able to reclaim some of my income tax? Have looked at film partnerships... etc... does anyone know of any that definitely work? Short of that, something that can at least be insured? Any help would be much appreciated.
Thanks,
RTWH

Not sure I understand you. Surely just about any accountant would know?

James_Trimby

Hi There are many schemes out there. They all say they work, some are backed by tax qc's opinions and detailed specialist reviews etc... Some aren't !
In reply to dzug1 alot of accountants do not use them or know of them.

There is one firm selling through IFAs and some accountants that is quite big at the moment using EIS and VCT schemes. Monies do have to be invested for a few years but tax savings are up front and you can contol the level of risk over this time (some you get your 40% back from Revenue and your capital 3 years later (years could be wrong could be 5) with no return at all but still a good overall return) Advantage of these is they work for small sums as well as large.

Others involve fees and or partial payments and use many differing methods. For income tax all tend to be short lived as Revenue quick to close them. Most do not work well with PAYE as you have to wait many years, even if successfull, to get your monies off the Revenue, some allow backdating some do not. One recent one just started is not even filed as a tax scheme it is just the way the investment is structured that allows up front tax savings (if the business invested in goes well might even be a bigger tax problem at the end!) Finally most of these types need incomes over £100k pa or more.

None are fail safe I know a few corporate schemes where some degree of protection can be bought with them but I know of no individual scheme with same arrangements. YOU need to understand the schemes and the risks and if you dont like the risks dont do it! Get proper advice and you may be able to cut your tax bill by the normal route of careful savings/pensions/allowable expenses etc etc.

dzug1

Ah - that makes more sense.

Sounds as though OP really wants investment advice as much as tax advice. He's not trying to reduce tax on his current income - but to get a source of income that is tax free.

Rolo_Tomasi

Film Partnerships, VCTs, EIS's etc all have a very favorable tax treatment and do work (as long as they are done through a reputable company) however you need to treat them as investments and not just as tax savings vehicles. The fees involved are large and there are usually no guarantees that there will be any net savings.