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The T word

Author: Henry Ejdelbaum

Tags: Accountants, AIMS, AIMS Accountants, Tax, Tax rules, Taxes

The Oxford Dictionary quotes Tax as “A strain or heavy demand”. No kidding and you’re probably all looking bemused; whether we like them or not they are part of our social contract; a contract we are all bound to one way or another.

Taxes have been around for centuries so it’s difficult to point the finger at the culprit who introduced them; I don’t think anyone really knows the answer. But “tax rules” and we have to pay our share. I am sure you all agree it’s a privilege of civilisation to support those less fortunate and for good causes such as helping schools and hospitals and so on. So with this side of the definition I’m sure you’ll agree it doesn’t sound so bad.

You can even save money or not pay any at all – I’m not joking! For instance, Gift Aid exempts you from paying tax when donating money to a charity – but don’t forget to check that tick box. Premium Bonds are also tax free – including all prizes! And if you are a high earner there are tax breaks you are eligible for.

So you see it’s not always bad news! The tricky part with tax is just that our modern tax systems are so complex and I am afraid there is nothing I can do about that, but if I can give you some advice, please do me one favour and get yourself a qualified accountant (as much as I would love you to choose AIMS – that is not the point of this note – the key is really: work with a “qualified accountant”). Can you think of anyone better to advise you?

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