How To Reduce Taxes
Over the years many people have commented on taxes, some of the more famous quotes are below:
“There is no such thing as a good tax.” Winston Churchill
“In this world nothing is certain but death and taxes.” Benjamin Franklin
“Death and taxes and childbirth! There’s never any convenient time for any of them” Margaret Mitchell
“Thinking is one thing no one has ever been able to tax.” Charles F. Kettering
“The difference between tax avoidance and tax evasion is the thickness of a prison wall.” Denis Healey
“The way taxes are, you might as well marry for love.” Joe E. Lewis
Although the above comments may be amusing one common thread is that most normal people simply don’t like paying taxes! In the United Kingdom you can pay tax when you buy something, earn a wage, run a business, employ someone, own a house, sell an asset, take out an insurance policy, import an object, make a gift, fuel your car and even when you die. It is certainly reasonably to say that it is almost impossible to avoid paying tax in one form or another. However whilst taxes may be unavoidable a good tax accountant can should be able to help reduce the impact in the following ways:
Preparing tax returns that are correct
Claiming all allowances that you are entitled to
Advising you of legal tax saving measures
Advising you in advance of the tax implications of your decisions
Investigating and advising you of changes in your business status that could save you money.
Planning your future activities to minimise tax
Giving you as much warning as possible of the tax payable
Filing tax returns on time
It is a sensible conclusion that in a civilised society there will always be taxes of one form or another. What is a fair taxation system in the view of one will inevitable be completely unfair to another. Bearing this in mind it makes sense to learn to live with taxes, by taking the view that paying tax will always remain but with the help of a good tax accountant you only need to pay the minimum that is legally demanded from you. It is important to remember that any method used to reduce your tax liability is completely legal as in the UK there are high penalties for illegal tax evasion strategies. These can range from large fines to extreme cases prison sentences. As such it is worth reiterating that a good tax accountant is a very worthwhile investment. Perhaps the best way to finish this article is with those words of Denis Healey, “The difference between tax avoidance and tax evasion is the thickness of a prison wall.”
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This entry was posted on Sunday, July 25th, 2010 at 1:18 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.