Rob ranks tax saving strategies from best to worst while sharing his knowledge on how to legally optimise your tax position. Rob reveals why some popular tax saving methods might be dangerous traps, explains the power of ISAs and pensions, and shares fascinating insights about commercial property investment.
KEY TAKEAWAYS
- ISAs represent one of the few remaining personal tax breaks, allowing individuals to invest £20,000 tax-free annually, making them more valuable than many realise.
- Commercial property ownership through a company can offer significant tax advantages, especially when becoming your own tenant, but it's crucial to maintain market rate rents to avoid scrutiny.
- When choosing an accountant, there are three types: government friendly conservatives, risky rule breakers who might disappear when things go wrong, and skilled middle ground professionals worth their higher fees.
- Company car tax benefits work differently between Limited Companies and LLPs, with LLPs offering better opportunities for vehicle-related tax benefits under specific conditions.
- Business expenses must pass two key tests: running them through a qualified accountant and ensuring they don't negate tax investigation insurance coverage.
- Moving to tax free jurisdictions like Dubai requires careful consideration, as while there's no income tax, living costs can be significantly higher and tax rates may gradually increase over time.
BEST MOMENTS
"Often the hack to save a load of tax is the Trojan horse, and you end up getting screwed by it, so you have to be careful."
"When you're employed, you earn five grand, they take off the tax, they take off the national insurance, they take off the student loans, you're left with 2,100 quid and you've got no choice."
"A friend of mine, who's nearly a billionaire, reckons you pay 92 percent in everything you earn and everything you spend in tax. I think it's a bit less, but I think it's easily 70%."
VALUABLE RESOURCES
https://robmoore.com/
bit.ly/Robsupporter
https://robmoore.com/podbooks
rob.team
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
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LinkedIn: https://uk.linkedin.com/in/robmoore1979
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