I use an accountant for that very reason. Providing they come at least close to saving enough tax so they cover their own fees, then that’ll do for me.
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Here’s another one Non doms don’t pay inheritance tax in the U.K. .
The U.K. IHT is a whopping 40 % on over £325k it has not risen for 12 years .However houses have and the net for inheritance tax reaches more and more people .
It’s a tax on aspiration and on money that has been previously taxed and it affects mainly the middle income people whose main asset is their house .
They have to live in it so cannot gift it to their children as can wealthy people .
Yet loopholes in this means that super wealthy people can pay less ,ie large estates with farm land pay much less .
The way taxes are set up mean that proportionally the bpvast majority of little people pay more than the super rich .
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I do get it. Nobody wants to pay more tax than they have to out of their hard earned dosh
But a tax system so riddled with loopholes that it’s worth employing an accountant to find those loopholes is very unfair on low earners on PAYE who don’t have any access to loopholes
And I think successive governments maintain the status quo of that unfair system deliberately because it’s snouts in the trough and they want to give their supporters a break at the expense of those at the bottom
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That is correct . Then of course you have the nutters such as Corbyn who would do away with even the £325k allowance taxing everything you leave at 40% thereby ensuring that all you have worked for in your lifetime will go to the state .
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Not quite true:
Yep. Transfer control to someone else and slip them a nice little bung under the table from time to time. That’d do it.
Hmmmm … but many of the elf-employed don’t earn any more than low earners on PAYE.
In some cases, PAYE is for simpletons who can’t mange their own finances.
Anyway, back on topic, it’s interesting to see how the other half certain people live. How different we all are.
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If the self employed earn the same as low earners on PAYE, then they should pay the same amount of tax. There shouldn’t be loopholes for the self employed to pay less
If people on PAYE can’t manage their own finances and be self employed, that’s no excuse for milking them to pay more tax than those who can.
They should be protected to ensure people are taxed equally and the system not rigged against them
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Surely low earners on PAYE pay little or no tax (?)
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I mean income tax of course. They pay massive amounts on most of what they spend.
But, on the plus side, many get benefits £ too. Some get free/subsidised housing. But that’s off topic.
Not do the self - employed on low pay. My point is that whatever they earn, they should pay the same amount of tax
Perhaps they should, perhaps they do (sometimes), but they are probably in quite different situations therefore difficult to implement. Plus the Gov should give encouragement to entrepreneurial types.
If you pay tax via PAYE and earn UNDER £12,570 during this current tax year, you don’t have to pay any tax. Rates and thresholds for employers 2022 to 2023 - GOV.UK - scroll down to Rates and Thresholds.
And from July they won’t have to pay any NI either.
Disadvantages of being self-employed:
Don’t get paid holiday money
Don’t get paid sick leave
Don’t get paid maternity/paternity leave
No employer to pay contributions into pension funds.
These are just a few off the top of my head.
Rishi Sunak has referred himself to Boris Johnson’s ethics watchdog as he continues to face questions about his family’s financial affairs.
The chancellor wants Lord Geidt - the PM’s adviser on ministers’ interests - to check if he followed the rules.
Mr Sunak said he was “confident” Lord Geidt - who also investigated allegations about Mr Johnson’s refurbishment of his Downing Street flat - would find he had appropriately declared all his interests.
I have no doubt that Lord Geidt’s findings will be those disclosed to him (see Wallpapergate) … 
At least Rishi paid for his own wallpaper !
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Apparently not they refurbished no 11 .
