You must never ever try to evade paying your taxes. If you do you will go to prison – and quite rightly so. No, I am not on the side of the tax collector. There’s a difference here between evade (criminal) and avoid (sensible). There is a line between making sure you aren’t giving money unnecessarily to the tax collector – avoiding – and deliberately evading tax illegitimately. Cross that line at your peril. But there should be no need to do so. There are many good people out there who will give you all the advice you need.
THERE ARE MANY GOOD
PEOPLE OUT THERE WHO
WILL GIVE YOU ALL THE
ADVICE YOU NEED
The more money you have, the greater the need to avoid tax – I stress this is not the same thing at all as evading – and the more expensive it becomes to do so. Obviously there is a tipping point whereby you are obliged to hand over your tax affairs to experts – who naturally cost an arm and leg – so you can avoid paying the tax collectors the other arm and leg you have left.
As you move up the prosperity ladder the tax issues get more complex. And there are all sorts of options. But remember the tax collectors are closing loopholes, changing laws, cutting off avenues as fast as you and your expensive experts can devise ways of avoiding tax. It’s like a chess game only much more exciting and expensive.
I am not going to give you any specific advice because it changes too quickly and I don’t want to get sued but areas worth bearing in mind are:
And of course make sure you are well up on investments that you don’t have to pay tax on – get good advice and be willing to pay for good advice.
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