Tax Saving News
- Save Tax on Selling Property
Increasingly, people have more than one property and this property is often held jointly either because it has been left to children in a will or purchased jointly in order to receive rental income. In order to avoid unexpected tax bills and to plan effectively for minimising the tax liability before the sale goes ahead, it is important to know how much tax you might be liable to pay when you sell a property? Talk about it sooner rather than later in order to avoid a difficult financial situation being suddenly thrust upon you.
- 5 Easy Tax Saving Tips
The most important issue after maximising your income is to maximise your tax deductible expenses. If you run your own business then you can offset all costs that are 'wholly and exclusively in the course of your business' in order to legitimately reduce your taxable profit. You should also make use of the current capital allowance rules to offset the cost of equipment you have purchased in order to run the business.
- How to Save Tax and Stay Within the Law
We all want to pay less tax but no one wants to find themselves facing the stress of a tax investigation. While there are often ways to reduce your tax liability in a perfectly legitimate way, there are plenty of other means that are clearly illegal. There is a crucial distinction between tax avoidance and tax evasion. The former is using the tax regime to your own advantage, but within the law. The latter is using illegal means to the same end. The recent strengthening of HMRC powers ought to be a serious deterrent against doing anything that may remotely appear illegitimate.
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