Edwards Greene Tax Tips 18

1 Introduction The ideal tax system would be simple to use, for both the government and the public. The principle is that the government levies taxes to pay for public services such as health care, education and security, and responsible citizens are happy to pay their fair share. However, the government also uses the tax system to direct people and businesses into certain forms of behaviour, such as saving for retirement. This is how the tax system becomes complex, as certain behaviours are rewarded by tax reliefs but other actions (or lack of action) are punished by tax penalties or higher tax rates. This brief guide highlights 50 ways in which you can use certain tax reliefs to your advantage, and how to avoid some of the tax penalties. You will find practical tips to help with your personal tax planning, property transactions, planning for retirement and savings and investment. These tips will help you navigate the complexity of the tax rules, and help you make tax-efficient plans. You may find that not every tip will be suitable for you or your business, but they will help you plan your financial circumstances to fit squarely with what the government envisages for tax reliefs. 50 TAX PLANNING TIPS 2018/19 Contents Personal and family planning 2 Your property – making the most of bricks and mortar 3 Estate planning – handing on your wealth 5 Retirement planning – preparing for the future 6 Savings and investment 7 Your business – making the rules work for you 9 Employment and remuneration – looking after your employees 10 Overseas aspects – planning when abroad 12 Credit: iStock / takasuu

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