How to avoid paying a lot of tax? http://www.taxbeater.com/

maneesh_2

I came upon this website http://www.taxbeater.com/ , and was wondering how much of it was true, i don't really know anything about tax, and am only 17 so don't know a great deal anyway.

But i've been reading how americans have been cheated by the IRS thinking they have to pay them tax, when actually its a volentry thing.
http://www.paynoincometax.com/

What would martin make of all this?

ManAtHome

Don't waste your cash, Maneesh, see here http://www.asa.org.uk/asa/adjudications/non_broadcast/Adjudication+Details.htm?Adjudication_id=40199

sneekymum

"4. Complaint not upheld
Streetwise Publications said the book outlined ten tax loopholes which readers could exploit immediately. They included taking advantage of the full annual ISA allowance, using self-assessment tax returns to ensure no overpayment, making full use of personal tax allowances, planning inheritances to reduce inheritance tax liabilities, optimising pension contributions, taking advantage of employee share plans, using Capital Gains Tax allowances efficiently, for example by transferring assets between spouses to the lower rate taxpayer, using tax-efficient means of giving to charity, using the tax free potential of child trust funds, and self-employed individuals employing their spouses to divide income and take advantage of lower personal tax allowances."

Which is good advice. (Thanks Streetwise)

So don't buy the book but take note of all the ideas above and discuss them here for free....

isasmurf

sneekymum wrote:

"4. Complaint not upheld
Streetwise Publications said the book outlined ten tax loopholes which readers could exploit immediately. They included taking advantage of the full annual ISA allowance, using self-assessment tax returns to ensure no overpayment, making full use of personal tax allowances, planning inheritances to reduce inheritance tax liabilities, optimising pension contributions, taking advantage of employee share plans, using Capital Gains Tax allowances efficiently, for example by transferring assets between spouses to the lower rate taxpayer, using tax-efficient means of giving to charity, using the tax free potential of child trust funds, and self-employed individuals employing their spouses to divide income and take advantage of lower personal tax allowances."

Of which all is said for free Here (also note the free taketaxaction brochure that can be downloaded which has further background - although it usually finishes off each section with see an IFA!)