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Chewing Grass

Everyday Tax Avoidance for Normal Folk

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Here is a nice story from the replublic of ireland where two bessy mates have got married so one can leave the other a house to live in.

https://www.thesun.ie/news/1964341/emotional-straight-irish-pals-who-wed-to-avoid-inheritance-tax-share-a-kiss-after-saying-i-do/

The old pals, who have been friends for almost 30 years, realised that Michael would face a crippling tax bill after Matt dies.

They had been planning to tie the knot in Cashel, Tipperary in a humanist ceremony but changed their plans when a last minute cancellation became available.

“They got equality for gay people to get married, but they also got equality for everyone else. We’re not taking it from the gay people, but we recognise that the work that the gay and lesbian people did during that referendum has got it for themselves, and got it for everybody."

 

 

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Though I think they have shot themselves in the foot.

By publicising the fact that the only reason for the marriage was tax avoidance, they will fall foul of the General anti-avoidance rules so won't do them any good.

Should have just kept quiet.

 

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1 minute ago, Cunning Plan said:

Though I think they have shot themselves in the foot.

By publicising the fact that the only reason for the marriage was tax avoidance, they will fall foul of the General anti-avoidance rules so won't do them any good.

Should have just kept quiet.

 

Not realky.

They are probably gay and making a big thing about the tax avoidance to cover up the gay side.

83yo with best ftiend 53 yo career.... yesssss.

Bit like liberace and his young male personal assistants.

Brazil has stupidly bent public pension sysytem. Surviving spouse gets the full lot for life.

20yo womenr throw themselves at recently retired 50 yo men.

 

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10 minutes ago, Cunning Plan said:

Though I think they have shot themselves in the foot.

By publicising the fact that the only reason for the marriage was tax avoidance, they will fall foul of the General anti-avoidance rules so won't do them any good.

Should have just kept quiet.

 

If tax man did come calling could they could say "we since realised we are gay".  I would bet any investigation would be dropped.

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29 minutes ago, spygirl said:

Not realky.

They are probably gay and making a big thing about the tax avoidance to cover up the gay side.

83yo with best ftiend 53 yo career.... yesssss.

Bit like liberace and his young male personal assistants.

Brazil has stupidly bent public pension sysytem. Surviving spouse gets the full lot for life.

20yo womenr throw themselves at recently retired 50 yo men.

 

The guys who came up with the scheme clearly weren't so daft

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1 hour ago, Cunning Plan said:

Or consumate a marriage with anal?

Trust the dog to bring bottoms into it, I have enough trouble with farmer Jones Welsh Terrier Roger de Licky-le-arse the 3rd constantly sniffing around.

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3 hours ago, spygirl said:

Not realky.

They are probably gay and making a big thing about the tax avoidance to cover up the gay side.

83yo with best ftiend 53 yo career.... yesssss.

Bit like liberace and his young male personal assistants.

Brazil has stupidly bent public pension sysytem. Surviving spouse gets the full lot for life.

20yo womenr throw themselves at recently retired 50 yo men.

 

I’m surprised more people do not marry into defined pension schemes (surviving spouse) especially civil service ones with generous lumps and benefits. This just adds another dimension and will potentially make civil service pensions accessible to everyone. 

Edited by longtomsilver

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Back to the thread title - I would suggest that you all look very carefully at work related deductions even if you are normally PAYE.

https://www.gov.uk/tax-relief-for-employees

for example, when I travel overseas, I always try to add on some work related meetings/training/other, so at least a proportion of the cost (airfares and accomodation) can be treated as tax deductible.  Easier under Aus and US laws that the UK, I suspect, but worth getting some advice on.  

Keep receipts for every pen, paper, battery pack, etc you buy where the use is work related.  Clothes are generally out unless specifically defined under the tax code.  work out what you can and cannot claim for and update your knowledge every year.

 

I would say that 75% of rich families stay rich by aggressively minimising the tax they pay.  Legally.  If you are not doing the same, you are a fool.

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23 minutes ago, stokiescum said:

use this golden rule when buying something.

do i want it

do i need it

if its not yes to both dont buy it,theres probably vat on and and other taxes.

I, and my few friends,  live by a similar 3-test code:

Never buy anything new if you can buy it second hand,

Never buy anything second hand if you can borrow it,

Never borrow anything that you don't need.

 

Edited by Hopeful

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1 hour ago, wherebee said:

Back to the thread title - I would suggest that you all look very carefully at work related deductions even if you are normally PAYE.

https://www.gov.uk/tax-relief-for-employees

for example, when I travel overseas, I always try to add on some work related meetings/training/other, so at least a proportion of the cost (airfares and accomodation) can be treated as tax deductible.  Easier under Aus and US laws that the UK, I suspect, but worth getting some advice on.  

Keep receipts for every pen, paper, battery pack, etc you buy where the use is work related.  Clothes are generally out unless specifically defined under the tax code.  work out what you can and cannot claim for and update your knowledge every year.

 

I would say that 75% of rich families stay rich by aggressively minimising the tax they pay.  Legally.  If you are not doing the same, you are a fool.

Thanks for posting.  Very interesting.  I like the idea of claiming back a proportion of travel costs.

 

This is a subject I need to read up more on.  What methods of income are most tax efficient, personal pensions, funds, dividends etc.

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1 hour ago, Hopeful said:

I, and my few friends,  live by a similar 3-test code:

Never buy anything new if you can buy it second hand,

Never buy anything second hand if you can borrow it,

Never borrow anything that you don't need.

 

Your from Yorkshire aren’t you :D

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1 minute ago, One percent said:

I'm not convinced by the old adage of Yorkshire folk being tight. Careful yes, tight no.  And generous of spirit. 

Farming on marginal land I suspect.

Was always a hard life, respect for those that did, needed to pull together or die.

Generous spirit you said? Yes please, I'll have one of those Welsh wines XYY was drinking :D

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Just now, Lone Lurker said:

Farming on marginal land I suspect.

Was always a hard life, respect for those that did, needed to pull together or die.

Generous spirit you said? Yes please, I'll have one of those Welsh wines XYY was drinking :D

I missed that, I thought he was drinking Scottish wine. xD

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