Although we would like to believe that just the odd few people decide they do not want to pay their taxes to the government, this is not the case as many businesses fall foul of tax laws as well. This is of course against the law and a person of company found attempting this act is committing a crime. The act of flaunting the rules and laws institutionalized for the proper functioning of the government is considered a serious offence. Despite the seriousness, crimes such as tax evasion are often referred to as ‘white collar’ owing to the type of person or company that commits them.
For the majority of Small to medium sized Companies, it’s pretty much a well-known strategy to make use of dividend rather than increased wages in order to reduce tax bill for the working investor. This kind of approach can be applied in instances where the reduced rate of business tax applies. The savings in this regard comes via the fact that NI is due on earned income but not dividends.
There are so many tried and true ways to be frugal but few are as timeless as these below. If you want to save some money, read on to see if you can learn a thing or two.