It has been said from time to time that one ought to give unto Caesar what belongs to Caesar and unto God what belongs to God. This is one saying that has existed for so many years. This simply means that the practice of paying taxes is something that has existed for several years. As a matter of fact, it is a legal requirement that one dully files his levy returns. This is usually done at the end of the year. It is thus expected that at this time of the year many people are usually very worried. There are vital 2014 tax saving investments guides that one should employ. Some of the tips are discussed below.
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.
It would be pointless for both couples to have separate investments that are taxed separately. If at all you happen to be in different levy groups, it would be advisable to consolidate your savings in the partner in a lower tax bracket. As such, you pay less money towards levies as a family.
One should be very vigilant on the amounts of taxes they pay to the taxman. You need to be careful not to pay any excesses. In the event that you happen to discover that you had been overcharged at some point, you should seek for refunds. This will involve doing a lot of paper work.
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 has to take advantage of every opportunity to invest in a venture that attracts no levy. One of these ventures is purchasing shares from your employer. Through Enterprise Management Initiative Scheme one can get such shares that are not taxable.
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.
It would be pointless for both couples to have separate investments that are taxed separately. If at all you happen to be in different levy groups, it would be advisable to consolidate your savings in the partner in a lower tax bracket. As such, you pay less money towards levies as a family.
One should be very vigilant on the amounts of taxes they pay to the taxman. You need to be careful not to pay any excesses. In the event that you happen to discover that you had been overcharged at some point, you should seek for refunds. This will involve doing a lot of paper work.
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 has to take advantage of every opportunity to invest in a venture that attracts no levy. One of these ventures is purchasing shares from your employer. Through Enterprise Management Initiative Scheme one can get such shares that are not taxable.
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.
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