Top 10 back to basic tax tips – ‘tax return pre flight check’ or perhaps simply a
timely reminder for some?
1) Stay a step ahead but within guidelines at all times (we all know what happened to Icarus)
2) Seek professional confirmation or assistance regarding information otherwise rec’d.
3) Undertake regular reviews as authorities tend to move goal posts.
4) Consider how you vote at ballot box and perhaps even with your feet if you wish to live elsewhere.
5) Complete tax returns on timely basis claiming all tax relief when due in order to minimise liabilities.
6) Claim any refunds at earliest date and pay further tax due on time to avoid needless interest and penalties.
7) Consider fully tax regime of country of basing and home country along with interaction of any relevant Double Taxation Agreement.
8) Plan to avoid HMRC enquiries or manage them effectively.
9) Act upon professional advice received in good time for maximum effect.
10) Remember all other factors in life and ‘Kiss’ often works- keep it simple (+sleep at nights….!)
Benjamin Franklin 1706 -1790 apparently wrote; - ''But in this world nothing can be said to be certain, except death and taxes’’
Even so, you do not have to organise your affairs to pay the most amount of tax and ‘BF’ did not fly, however do remember point 1), in particular…