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How to avoid or reduce Income tax
If you're a higher rate taxpayer nearly half of your earned income above the higher rate band will go the taxman. In this section we include articles and reports that look at how to avoid or reduce income tax. You may also want to have a look at our Income Tax Consultancy Questions which looks at numerous income tax planning questions in detail. Establishing non UK resident status is a very effective method of avoid UK income tax on overseas income. You can also avoid UK income tax on some UK income as well. Look at our emigration section for more details of this.
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How to avoid being a property trader for income tax purposes
22/03/2010
Given the rise in the top rate of income tax to 50%, it's even more beneficial to avoid being classed as a property trader for tax purposes, and instead be classed as a property investor. The 18% rate of CGT will make it much more tax efficient for most developers. In this article we look at the different factors to take into account to ensure you're a property investor . . .
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Tax planning for partners and the new 50% rate of income tax
19/03/2010
As members will no doubt be aware as from April 2010 the top rate of income tax for anyone earning over £150,000 will be 50%. Partners in particular will be keen to reduce the tax burden as they will be taxed personally on the business profits. The new 50% tax rate will therefore hit them particularly hard. In this article we look at some of the main ways that Partnerships could look to reduce income tax. . . .
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How setting up a revocable life interest trust can reduce income tax
17/03/2010
As from 6 April there will be a new 'Super' rate of income tax set at 50%. What's not often appreciated though is that this will then represent the main rate of tax for discretionary trusts. In this article we look at how the new tax rate for trusts will apply and how trustees can use a revocable life interest trust to reduce the income tax charge . . .
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Reducing tax on property development by using a trust
15/03/2010
One possibility to reduce tax on property development is by using a trust. The general idea would be that you could save the 40% or 50% income tax charge you'd be subject to if you did the development in your own name by using a trust. The trust could be subject to income tax at the basic rate of 20%. There could therefore be a significant tax saving. . . .
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Are companies now at risk of making unlawful dividends?
08/03/2010
Following a request from a member this article looks at whether companies and their shareholders are at risk of making unlawful dividends. In particular where they are not making the same level of profits as in previous years and yet continue to extract regular dividends it's been suggested HMRC could challenge the validity of the dividends for tax purposes . . .
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Tax deduction for travelling expenses if working abroad
22/01/2010
Following a request from a site member we've looked at the tax rules relating to obtaining tax relief for travel expenses for you and your close family if you work abroad. This article looks at exactly when you will qualify for a tax deduction for your travelling costs . . .
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How non residents can eliminate income tax on UK rental income
14/12/2009
If you're non UK resident and rent out UK property you'll be subject to UK income tax on the rental income. This will fall within the non residents landlord scheme and would initially be subject to basic rate income tax at source for most landlords. In this article we look at the techniques non residents can apply to reduce UK income tax on the rental profits to nil . . .
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Employees working overseas and UK tax
07/12/2009
If you've been posted abroad of key importance will be your UK tax status. In this article we look at the UK tax issues including how both UK and overseas earnings are taxed, how to calculate the taxable amount and how to minimise it . . .
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Here's what our members are saying ...
"I joined the site after reading an offshore tax guide and was certainly not disappointed. The practical and 'to the point' tax planning has already saved me a considerable sum. I'd recommend this website to anyone."
Jerry Brown, Edinburgh
"I've saved £5,659 in CGT by using this site to double check my accountants advice. My wife has also identified further income tax savings of over £2,000 as result of the property tax articles.
In our case it's well worth the £10 membership fee."
Derek Bailey, Birmingham
I must thank you for the most informative reply to my enquiry.
It is so extensive, I intend setting an evening aside to absorb it all.
Again, thank you for a most useful website.
Roderick B, Sutherland,UK
"Well written reports that are clear and insightful. I look forward to reading them every week!
Natasha Foude, France
"I have to say your web site is by far the best prepared and most informative that I have seen."
Elsa Budding, Newcastle
"I'm planning my emigration and the offshore reports are exactly what I'm looking for. I'll definitely be renewing!"
Sarah Mather, Reigate, Surrey.
"The property tax advice service was excellent, and I'd have no problems recommending it to anyone. I received my answer within 1 day and was very pleased with the response
Robert Saunders, Leicester
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Offshore Tax Book
Non Dom Tax Book
Tax Havens Book
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Capital Gains Tax
