Guidelines On Ideal 2014 Tax Saving Investments Tricks
Paying of taxes has been a culture that has been practiced for over several years since the time of Jesus. It is quite imperative that everyone is up to date with his remittance on taxes. As a matter of fact it is a criminal offense for one not to pay his taxes or hide or give false information regarding his income that is meant to make him pay fewer levies as compared to what he is actually supposed to pay. However, it is still within someones right to seek means of reducing the amount of money he pays as levy. There are several 2014 tax saving investments guides one could employ to reduce the amount of money he pays out as levy. Some of the steps recommended to reduce levy fee are
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.
When organizing your savings plans, it is imperative to consider the ventures that would attract relief from the government. For example, Enterprise Investment Schemes get a thirty percent relief in levies. The same percentage of relief is administered on Venture Capital Trust. If you buy shares in an approved unquoted company you are likely to get a relief on your levies. In some cases one may get a fifty percent levy relief if he invests in a new company. This is usually offered under the Seed Enterprise Investment Schemes.
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.
When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.
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.