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TAX

How to avoid paying so much tax


This page has been set up initially to include some helpful tax-avoidance resources. We're adding some affiliate links to tax-saving places, for example Refunds Direct who may be able to get you a tax rebate if you've already paid too much tax. Also, previously featured here: Income Tax Relief

Doing your tax return? A good contact for that is the software at Quicken (this one's the US version). See Quicken Software and Accountz

The difference between tax avoidance and tax evasion is also explained. This is oddly something which some people get wrong. Maybe some of them are genuinely unaware, but some are being disingenuous.

Plus, here's a list of tax havens, and also a comment regarding the fairness of the OECD in supplying advice regarding the fair "level playing field" in international tax competition. Other dodgy problems in tax regimes: domicile , and also the matter that you should be able to escape to a tax haven

If you're paying more than 10% of your income on fuel, you are said to be in "fuel poverty". In a similar way, if you are paying more than 10% of your income on tax, doesn't that mean you are in "tax poverty"?

It has been suggested that having a Domain Tax would eliminate widespread cybersquatting. However, this needs to be levied by the official domain registry.

If you receive an email saying you've got a tax refund / tax rebate, beware! These are usually hoaxes, and if you'd like to see an example, there's one here at the page of tax refund email HOAX

If you phone the Income Tax Office in the UK, please try to avoid the old preconception spread by comedians that the tax people are monsters. The only "monstrous" thing is how much tax you are being charged, whereas in contrast, the people working for the Tax Authority are generally polite and helpful, so you should be nice to them wherever possible.

Also see How to Run Your Own Business

Various governments in the UK have tried to tweak the tax rate, but what generally happens is they set the tax far too high and then people emigrate! (squeak...splosh). Even if later governments reduce the tax rate, the people do not generally come back. It has been found that it takes 15 years for the population of wealthy people to climb back up to what it was before the tax disaster was inflicted.

Curiously, a lower tax percentage rate on the higher levels of pay can result in a higher real amount of money being added to the treasury, because 10% of a vast amount is more than 60% of a small amount. Again, levels of education in society must be in decline for people to fail to understand this. This could explain the sorts of misconceptions involved in the incidents regarding what have they got against Fortnum and Mason?