The amount of money one is supposed to pay as in come levy can be reduced by carrying out certain measures. It would help you save some cash if at all you could adopt some of these measures. The trick behind making maximum reductions on the amount of money you remit as levy is to start your plans early. You need not to wait until the last minute to execute your plans. Some of the most practical 2014 tax saving investments plan is explained in the subsequent paragraphs.
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.
There are certain types of savings that receive tax relief from the government. If one would opt to put his savings in such avenues, he would take advantage of levy relief extended by the government. These areas of savings that have government relief include Venture Capital Trust and Enterprise Investment Scheme. Usually one can have a levy relief of up to thirty percent of his total investment in such trusts. If you put your money in a small company that is just rolling out its business, you can get reliefs of up to fifty percent.
One of the major tricks you can use as a family to reduce amount of money you pay as levy as a family is by transferring your savings. In case you and your spouse are in different levy brackets, it would be appropriate to have the person on a higher levy bracket transfer his or her assets to someone on a lower levy bracket. By doing this the assets would taxed at a lower rate thus saving you some money as a family.
One should ensure that he gives to the taxman just what he deserves. Desist from over paying your taxes. In case the taxman overcharges you, you should make an effort to seeking refunds. You should file a complaint with the department of revenues and Customs. There is usually a series of paper work that one would fill in order to process such a refund.
One should ensure that he instructs his bank not to allow his income to be taxed at the source point. Source point taxation is usually a source of several errors in the taxation process. Ensure you give this instruction to your bank in writing.
One would be exempted from paying any levy if he holds shares of his employer. When your employers offer you an opportunity to buy shares you must grab the opportunity. This is done through Enterprise Management Initiative Scheme.
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.
There are certain types of savings that receive tax relief from the government. If one would opt to put his savings in such avenues, he would take advantage of levy relief extended by the government. These areas of savings that have government relief include Venture Capital Trust and Enterprise Investment Scheme. Usually one can have a levy relief of up to thirty percent of his total investment in such trusts. If you put your money in a small company that is just rolling out its business, you can get reliefs of up to fifty percent.
One of the major tricks you can use as a family to reduce amount of money you pay as levy as a family is by transferring your savings. In case you and your spouse are in different levy brackets, it would be appropriate to have the person on a higher levy bracket transfer his or her assets to someone on a lower levy bracket. By doing this the assets would taxed at a lower rate thus saving you some money as a family.
One should ensure that he gives to the taxman just what he deserves. Desist from over paying your taxes. In case the taxman overcharges you, you should make an effort to seeking refunds. You should file a complaint with the department of revenues and Customs. There is usually a series of paper work that one would fill in order to process such a refund.
One should ensure that he instructs his bank not to allow his income to be taxed at the source point. Source point taxation is usually a source of several errors in the taxation process. Ensure you give this instruction to your bank in writing.
One would be exempted from paying any levy if he holds shares of his employer. When your employers offer you an opportunity to buy shares you must grab the opportunity. This is done through Enterprise Management Initiative Scheme.
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