Paying of taxes has been a culture that has been practiced for over several years since the time of Jesus. It is quite imperative that everyone is up to date with his remittance on taxes. As a matter of fact it is a criminal offense for one not to pay his taxes or hide or give false information regarding his income that is meant to make him pay fewer levies as compared to what he is actually supposed to pay. However, it is still within someones right to seek means of reducing the amount of money he pays as levy. There are several 2014 tax saving investments guides one could employ to reduce the amount of money he pays out as levy. Some of the steps recommended to reduce levy fee are explained below.
One needs to be shrewd enough to identify savings opportunities that do not attract any form of levy. Investing in such saving options would help you save some a lot of money since you will not be taxed. One will never be taxed if he invests in a stocks and share Isa. There is a maximum amount of money that you can put in the two ventures. Once you establish this figure you can divide your assets into two and invest it in the two levy free ventures.
When organizing your savings plans, it is imperative to consider the ventures that would attract relief from the government. For example, Enterprise Investment Schemes get a thirty percent relief in levies. The same percentage of relief is administered on Venture Capital Trust. If you buy shares in an approved unquoted company you are likely to get a relief on your levies. In some cases one may get a fifty percent levy relief if he invests in a new company. This is usually offered under the Seed Enterprise Investment Schemes.
As a family, you ought to put your heads together to find ways on how to cut on your expenses especially towards levy. If you happen to be in different levy groups, you should not allow both of you to be subjected to pay levy. It is expected that the person on a higher levy bracket transfer his savings or investments to the person on a lower levy bracket.
One should be very vigilant on the amounts of taxes they pay to the taxman. You need to be careful not to pay any excesses. In the event that you happen to discover that you had been overcharged at some point, you should seek for refunds. This will involve doing a lot of paper work.
In most cases source point taxing is prone to numerous errors. You should advice your bank to terminate such kinds of deductions on your salary. This request for your income not to be taxed at the source point must be made formally in writing.
When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.
The 2014 tax saving investments tips would be very difficult to implement without some guidance. It would be wise to seek the guidance of experts. Contract a Tax adviser to help you out.
One needs to be shrewd enough to identify savings opportunities that do not attract any form of levy. Investing in such saving options would help you save some a lot of money since you will not be taxed. One will never be taxed if he invests in a stocks and share Isa. There is a maximum amount of money that you can put in the two ventures. Once you establish this figure you can divide your assets into two and invest it in the two levy free ventures.
When organizing your savings plans, it is imperative to consider the ventures that would attract relief from the government. For example, Enterprise Investment Schemes get a thirty percent relief in levies. The same percentage of relief is administered on Venture Capital Trust. If you buy shares in an approved unquoted company you are likely to get a relief on your levies. In some cases one may get a fifty percent levy relief if he invests in a new company. This is usually offered under the Seed Enterprise Investment Schemes.
As a family, you ought to put your heads together to find ways on how to cut on your expenses especially towards levy. If you happen to be in different levy groups, you should not allow both of you to be subjected to pay levy. It is expected that the person on a higher levy bracket transfer his savings or investments to the person on a lower levy bracket.
One should be very vigilant on the amounts of taxes they pay to the taxman. You need to be careful not to pay any excesses. In the event that you happen to discover that you had been overcharged at some point, you should seek for refunds. This will involve doing a lot of paper work.
In most cases source point taxing is prone to numerous errors. You should advice your bank to terminate such kinds of deductions on your salary. This request for your income not to be taxed at the source point must be made formally in writing.
When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.
The 2014 tax saving investments tips would be very difficult to implement without some guidance. It would be wise to seek the guidance of experts. Contract a Tax adviser to help you out.
About the Author:
Before planning your 2014 tax saving investments, you should first refer to our informative online page at www.taxplanninginvestments.com. For advice and guidance, contact us right now via http://www.taxplanninginvestments.com.
No comments :
Post a Comment