Income Tax Planning for High Earners

Income tax avoidance can legally be achieved in many different ways for high earners. You could use a film partnership scheme, various income tax schemes, look at the successor to the employee benefit trust if you own a company, utilise your domicile status in certain circumstances, and there are numerous other income tax planning schemes that will help you with income tax avoidance. Why pay income tax if you legally do not need to?

If you are on a high earner on a salary we can still help you with income tax avoidance as a loss can be created through the use of an income tax avoidance scheme, which can then be set against your PAYE income for the year and you end up with a large tax refund. If the loss is sufficiently large enough in some circumstances this loss can be used to wipe out your present year’s income tax bill and then carried back to create a loss that is set against the last year of income. This results in a huge tax refund from the HMRC. How would a rebate of 2 years’ worth of tax change your life?

Company Owners

For those you who are high earners with a company of your own, there are numerous methods of reducing corporation tax and consequently your income tax. See our page on this subject about corporate restructuring and the EFRBS, which will make you virtually income tax free.

If this information about income tax avoidance and income tax planning is of interest to you, do not hesitate to contact us for a free consultation about income tax planning. Click here now.

If you would like the Inland Revenue information about income tax, click here.

To qualify for income tax avoidance and income tax planning you need to be a high earner with an income in excess of £100,000 per year.

Why learn about income tax avoidance?

In order to save money when using any consultant it pays to have some background knowledge on the subject, for example if you’re interested in using income tax planning it is worthwhile knowing a little about income tax avoidance and income tax itself. This is so that your money is not consumed by lengthy explanations and, more importantly, helps you to ask the right questions and divulge the relevant information in your consultations. To assist you in this regard we highly recommend that you read the tax guide that best suits your needs. You can review all our up to date tax guides by visiting our book shop. These tax guides are extremely useful, whether you are a high earner or not.

How to find out about income tax avoidance

Some guides that may relate to your income tax avoidance and income tax planning needs are as follows. For more information on the guide, just click on the picture.

To learn more about income tax avoidance and income tax planning request a callback on our Contact Us page or email the team at info@thetaxexperts.co.uk, and start saving by using income tax planning today!