Can I legally avoid paying tax?

JimmyTheWig

If it was that easy, everyone would be doing it...

iamana1ias

jimmyjimmycocopops wrote: »

I've seen some 'tax beater' guides online. They make some amazing claims such as how to cut your income tax bill in half and avoid paying NI contributions entirely... Has anyone ever bought one of these?

What do you think would happen to the NHS if everyone did this?

jimmyjimmycocopops wrote: »

Don't get me wrong, I don't want to avoid paying tax entirely but I think we pay way too much in this country.

Then a job in the middle east may suit you better.

mackemdave

*********Another Hoax thread alert**************

RobertoMoir

jimmyjimmycocopops wrote: »

I've seen some 'tax beater' guides online. They make some amazing claims such as how to cut your income tax bill in half and avoid paying NI contributions entirely... Has anyone ever bought one of these?

Please tell me you're joking about this. There really is one born every minute.

Debt_Free_Chick

Just back to the original question ..... like the wealthy, your options are the same. Generally, anything that offers you an opportunity to save tax, usually means that you save/invest your money in some tax-efficient vehicle. A pension is the perfect example of this ... yes, it will save you tax, but it will "cost you" the amount that you put in to the plan.

You can not save tax without spending money somewhere else.

Paul_H_4

RobertoMoir wrote: »

Please tell me you're joking about this. There really is one born every minute.

Roberto,

There are actually ways of achieving the goal of legally paying no tax or national insurance contributions.

There are a number of contractor schemes providers who without going into too much detail use an overseas umbrella company and an employee benefit trust to eliminate income tax and NICs. They do however charge a fee. It is unlikely that a regular employee will allow their staff to be paid in this manner.

Similar schemes can also be used for business owners but the level of investment required is quite substantial.

Basically there are ways to pay no tax, but you need a sizeable income to make it worthwhile.

laticsforlife

EBT's are the subject of current litigation by HMRC as tax avoidance, and if found in HMRC favour, penalties may be due depending on the cases.


My god does anyone actually want to support this country or not.

RobertoMoir

Paul_H wrote: »

Roberto,

There are actually ways of achieving the goal of legally paying no tax or national insurance contributions.

I'm aware of the ways to minimise and avoid tax liability.

Never the less, when I read that someone wants to buy a pamphlet they've seen advertised online about how to "beat the system", I think "There's one born every minute." I stand by that earlier statement.

The methods to avoid and minimise tax liability are not secret. The tax rules are in the public domain after all, as are methods to use them to your advantage.

jimmyjimmycocopops

Paul_H wrote: »

Roberto,

There are actually ways of achieving the goal of legally paying no tax or national insurance contributions.

There are a number of contractor schemes providers who without going into too much detail use an overseas umbrella company and an employee benefit trust to eliminate income tax and NICs. They do however charge a fee. It is unlikely that a regular employee will allow their staff to be paid in this manner.

Similar schemes can also be used for business owners but the level of investment required is quite substantial.

Basically there are ways to pay no tax, but you need a sizeable income to make it worthwhile.

I'm basically finding that yes, there are ways to avoid paying tax but a sizeable income and/or initial cash investment is required.

thorsoak

Legally, you might possibly find some scam (sorry scheme) that might save you some tax ...but how much that would be after you've paid the accountants/lawyers might be negligible.

But morally?