Ranking Tax Saving Strategies

Nov 28, 2024

Tax-saving strategies take center stage as Rob ranks the best methods that can legally optimize your finances. He highlights the power of ISAs allowing tax-free investments, warns against common traps, and explores the advantages of commercial property ownership. Listeners discover the pros and cons of relocating to low-tax areas like Dubai and learn the significance of choosing the right accountant. Vivid discussions on vehicle tax benefits and the complexities of business expenses add depth to this essential financial guide.

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ADVICE

Maximize Your ISA

Maximize your stocks and shares ISA with £20,000 annually.
This personal tax break lets you invest tax-free, making it more valuable than many realize.

ADVICE

Invest in Your Pension

Invest more in your pension, a powerful tax-saving strategy.
Gains within your pension grow tax-free until retirement.

INSIGHT

Avoid Premium Bonds

Premium bonds offer poor returns and are essentially lending money to the government.
Rob Moore considers them a bad investment.

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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/

Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs

LinkedIn: https://uk.linkedin.com/in/robmoore1979

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