The Meaningful Money Personal Finance Podcast MMP145: Personal Taxation Overview
Personal taxation is changing. It’s been a while since we looked at this subject, one of life’s inevitabilities, so let’s dive in to my personal taxation overview, and see where we end up!
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Personal Taxation OverviewYes, tax is changing, as it often does. I heard somewhere that in the UK have the largest tax code, when printed out as a series of books, of any developed country in the world. I don’t know if that is true, but one things for sure, it IS a complex thing to understand, and yet it is so necessary.
As ever though, I am here to simplify things for you and to cut down the reams of paper into bite-size chunks that you can APPLY to your everyday life and investing. We’ll cover the three main personal taxes: income tax, capital gains tax and inheritance tax.
This time, I’ll be looking at what you need to know, and then over the next two weeks I’ll look at what you can do to mitigate some of these taxes.
BTW, this is a session geared towards UK taxpayers, as I have no idea how tax works anywhere else in the world!
In this session, you'll discover:- All about walls and boxes - that's a model for understanding income tax!
- The order your income is taxed in - it's important
- All about changes happening in April which transform how your income is taxed
- What is happening in April to the way interest on bank savings is paid
- How capital gains tax works
- How inheritance tax works
- How much you can leave your beneficiaries when you die, without paying tax
It’s tempting to get into some actionable stuff here, but listening to tax info is dry, so I wanted to keep it short-ish. Next week we’ll look at income tax strategies, but for a visual cue to how this all works, download the cheatsheet by hitting the yellow button below.
Also, watch for the articles and videos on the MeaningfulMoney.tv site. I put out a blog post on Monday, the podcast on Wednesday and a video on Friday, and February is tax month, so that’ll be the general theme, at least until I run out of stuff to talk about!
If you have any questions about this personal taxation overview, leave a comment below.
Show transcriptAs always, there is a full transcript of this show available by clicking the big blue button below:
Join the conversationI love to read and respond to your comments, so please do join in and share. Question: Is your tax situation going to be better or worse after the changes in April 2016? What are you doing about it?
Share the loveHugs and kisses to Joshua Tharby for his review this week - much appreciated fella!
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