Reduce Tax Bill - What do you love more? The Tax Office or Your Own Pocket?
More than eight in ten (82%) of UK adults will waste £7.9 billion in unnecessary tax in 2007, according to IFA Promotion's (IFAP) annual TaxAction report.
This is a massive £300 million increase on last year and the highest ever since IFAPs campaign began.
Personal tax levels have also soared from a collective £40.5 billion to £149 billion over the past 20 years for all UK adults.
Although 27 million (62%) people resent this rising tax bill, 74% admit to not taking steps to reduce their tax. This means UK adults are currently throwing away an average of £160 each on tax in 2007. Source: IFA Promotions.
We have literally hundreds of ways to help you smash, slash and reduce your tax bill.
Tax Smashers: Let Us Reduce, Slash and Smash Your Tax Bill.
1. Gift to Charity
Gift Aid and Payroll Gifts - Expert Income Tax Advice
There are two main tax-efficient ways of making charitable donations:
Gift Aid was introduced to encourage charitable donations giving tax relief on the value of the gift.
Provided the Charity has your personal details such as a name and address, they are able to reclaim basic rate tax relief.
Transitional Tax Relief: 2008 - Please note that despite basic rate tax falling to 20% with effect from 06/04/2008 and therefore tax relief falling. Tax relief for Gifts will be maintained at 22% for the time being.
Employee Payroll Gifting
If your employer runs such a scheme, you are allowed to request that a deduction is made from your pay, before taxes, for a gift to charity. In this way, you receive relief on the gift made. The monies are then passed to the charity.
In specie gifts of assets
You are allowed to directly transfer a range of assets to charities and claim tax relief on the gift:
Tax Free Investment
A number of investments are paid free of income tax:
Tax-Relief on Investment
A number of investments qualify for tax relief on the initial contributions made.
Contact us today to learn how you could reduce your tax bill.