Guidelines On Ideal 2014 Tax Saving Investments Tricks

By Susan Dawson

It has been said from time to time that one ought to give unto Caesar what belongs to Caesar and unto God what belongs to God. This is one saying that has existed for so many years. This simply means that the practice of paying taxes is something that has existed for several years. As a matter of fact, it is a legal requirement that one dully files his levy returns. This is usually done at the end of the year. It is thus expected that at this time of the year many people are usually very worried. There are vital 2014 tax saving investments guides that one should employ. Some of the tips are discussed below.

One who wishes to reduce the amount of money he pays to the taxman would opt to invest on a stocks and share Isa. Investments held in this form usually attract no charge at all whatsoever. All one has to do is to establish the maximum amount of money he can put into these type of investments. The best way to go is to divide this figure and split your assets into the two choices.

For a wise investor it would be very appropriate to look for saving options that attract some form of relief. The government will always extend some levy relief on certain types of savings. For instance, if you buy shares in an upcoming company that is just starting its operations, you will be eligible to a levy relief of up to fifty percent. Similarly if you invest in Venture Capital Trust, you will get a thirty percent levy relief.

As a family, you ought to put your heads together to find ways on how to cut on your expenses especially towards levy. If you happen to be in different levy groups, you should not allow both of you to be subjected to pay levy. It is expected that the person on a higher levy bracket transfer his savings or investments to the person on a lower levy bracket.

In this tough economic times every penny counts. It is very important that you make a follow up on the excess levies you are charged by mistakes. At times the taxman may overcharge you beyond what you are supposed to pay. Such cases must be followed up by seeking a refund. One should fill out some paper work to make such a claim.

One should ensure that he instructs his bank not to allow his income to be taxed at the source point. Source point taxation is usually a source of several errors in the taxation process. Ensure you give this instruction to your bank in writing.

When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.

The 2014 tax saving investments tips would be very difficult to implement without some guidance. It would be wise to seek the guidance of experts. Contract a Tax adviser to help you out.

About the Author:

You can visit the website www.taxplanninginvestments.com for more helpful information about Ideal 2014 Tax Saving Investments Plans