Ideal 2014 Tax Saving Investments Plans
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 explained below.
There are certain investments that are exempt from any form of levy. When one is considering the methods he would use to lower his tax remittance, he should consider channeling investments into such projects. For instance, a stocks shares are exempted from any form of levy. One should go through some relevant literature to determine saving avenues that are exempted from levy.
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.
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.
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.
Many people are never aware of the criteria to be followed in remittance of levies. One should look for ways of comprehending the system. Before choosing the best 2014 tax saving investments tips one should seek some guidance from experts in these industry.
There are certain investments that are exempt from any form of levy. When one is considering the methods he would use to lower his tax remittance, he should consider channeling investments into such projects. For instance, a stocks shares are exempted from any form of levy. One should go through some relevant literature to determine saving avenues that are exempted from levy.
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.
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.
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.
Many people are never aware of the criteria to be followed in remittance of levies. One should look for ways of comprehending the system. Before choosing the best 2014 tax saving investments tips one should seek some guidance from experts in these industry.
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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.
