10 Sep
5:33pm, 10 Sep 2024
33,068 posts
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Johnny Blaze
Cleverly never knowingly tells the truth if he can get away with bullshit and gaslighting. Mad Kem and Bobby J will both be shit so it's all good man.
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10 Sep
5:51pm, 10 Sep 2024
22,992 posts
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rf_fozzy
Ok, let me rephrase my argument another way.... I am (currently) a basic rate tax payer. I pay tax via PAYE on my only source of income. I pay pension contributions via PAYE. I have an ISA and (for complicated reasons) I have maxed out my allowance for 24-25 (this is not usual - this will not be the case in 25-26) I have a mortgage. What tax avoidance schemes am I missing? |
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10 Sep
5:55pm, 10 Sep 2024
22,993 posts
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rf_fozzy
Sorry...tax *minimisation* schemes..
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10 Sep
6:09pm, 10 Sep 2024
6,402 posts
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paulcook
Set up a limited company (?) for your pay and claim all your spending on business expenses.
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10 Sep
6:18pm, 10 Sep 2024
22,994 posts
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rf_fozzy
That sounds v dodgy and I'd have no idea how to do it. Nor how it would work. It would be the definition of a loophole... |
10 Sep
6:20pm, 10 Sep 2024
8,837 posts
|
um
How about 1) Marriage Allowance – transfer £1260 or personal allowance to/from your partner gov.uk 2) Tax free interest on savings gov.uk 3) Salary Sacrifice gov.uk 4) Bike to Work bike2workscheme.co.uk 5) Window grants greenmatch.co.uk 6) Increase Pension Payments (getting tax relief) 7) Charity contributions / Gift Aid |
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10 Sep
6:21pm, 10 Sep 2024
8,838 posts
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um
and 8) Work from Home Tax Allowance gov.uk |
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10 Sep
6:25pm, 10 Sep 2024
8,839 posts
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um
And, as per paulcook, set up a company and start trading / making money, and putting a lot of living expenses through that. But you'll need to find a way to earn money, follow the expenses guidance, and pay for professional help, file accounts, ideally get big enough for VAT, insurance, banking etc etc. Suddenly it's not so easy. |
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10 Sep
6:32pm, 10 Sep 2024
6,403 posts
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paulcook
On that score, given today's WFA has saved £1.5bn I think someone said earlier, and there's a total blackhole of £22bn, apparently there's in total £24bn worth of benefits unclaimed each year. I did read earlier that the number of claimants for pensions credits has gone up since this move was first mooted. |
10 Sep
6:47pm, 10 Sep 2024
25,544 posts
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larkim
The problem with some of those tax minimisation schemes is that a lot of them involved you spending more than you save. E.g. cycle to work; great if you need a bike but useless if you don't. Charity tax relief; if you already give to charity in significant enough sums, fair enough you might be better off by claiming the relief, but if you're not already giving charitably it will cost you more to give. |
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