Tax planning expertise protects assets
In an article published by The Mirror on May 20th, it was claimed that an untaxed shadow economy now accounts for a tenth of all the money spent here in the UK. Undisclosed corporate takings annually equate to £100bn, meaning that HMRC annually fail to collect around £47bn in tax revenue.
Tax evasion has stirred quite the furore in recent months and now, EU and HMRC figures have gone some way to highlight the true extent of undeclared income. The UK now hosts 1.9m or more companies that don’t submit a tax return or surrender their financial history to Companies House.
With an escalating number of high-profile names also falling under the world media spotlight, it’s hardly surprising to learn that public awareness of tax planning has increased. Now, a growing number of people are seriously considering their global investment and asset management options.
David Retikin, Director of Operations at leading investment specialist Pryce Warner International Group offered further insight into tax planning and the importance of finding a reputable and reliable resource to legally protect and grow assets without jeopardising returns:
“Made infamous by members of the pop group Take That, Icebreaker schemes are one of the most publicised tax planning vehicles of recent times… but for all the wrong reasons. Now widely seen as tax-avoidance tool, their tax-friendly appeal has been reversed and investors are expecting sizeable tax demands with 30% or more of interest applied to their overall debt. Choosing a long-serving company that’s been established for years is a simple way for individuals to ensure that investments are in safe hands and not left to a costly, self-serving “fly-by-night” operation.”
Wealth accumulation can provide for future life events such as holidays, weddings and higher education courses, but only if investments are kept safe. Without HMRC-approval, a saver’s financial security could be threatened, but expert tax-planning services are available to investors.
Retirement and inheritance are perhaps two of the most important concerns when reviewing tax planning. Surrendering a substantial portion of your lifelong earnings to the taxman can be hard to accept, so protecting assets and a final legacy could be the best way for future heirs to benefit most.