For any economy to progress, the taxation system needs to be simple and straightforward, with clearly defined parameters and guidelines as payment of taxes is concerned. Many a times, individuals as well as companies take advantage of the loopholes in the taxation system, and cleverly exempt themselves from paying tax. Tax Sheltering and Tax Avoidance are becoming common with each passing day, owing to the fact that the complexities of the Taxation Rules and Regulations are also on the rise. In the same zone, anti-avoidance laws are also being enforced as a counter-measure by the government and taxation bodies, in their bid to create a fair taxation structure for all.
With regard to exemption for those earning less, there are several provisions that have been made and enforced by authorities who are in charge of framing tax regulations. There also has been a recent collective opinion that inheritance taxs should be scrapped. Time and again, taxation laws are re-framed or modified in order to suit the requirements of the current economy, as well as take into account the opinions of the people, and the economic stance of the ruling government. All said and done, it is always necessary that one avails the advice of a certified, reliable and well-experienced tax accountant in order to receive the best income tax advice.
Ever since the debate for Scottish independence has been initiated, there has been a lot of focus on the taxation system in particular. The main taxes under purview include Income Tax, Corporation Tax and Inheritance Tax. A vast majority of people are of the opinion that the introduction and implementation of a semi-autonomous taxation structure in Scotland might lead to tax avoidance by many. This has thereon led to intense discussions so as to how one needs to go about solving the matter. The main issues here is the ambiguous question of who is actually a Scottish tax payer and who is pretending to be one just in order to pay lesser income tax. And similarly in the case of property and inheritance tax as well, one would need to deeply investigate if the financial assets in the particular case are actually located in Scotland, or it is a farce-depiction on part of the tax-payer.
In Philippines as well, there has been a massive outrage over the unfair taxation structure, and a number of tax lawyers and accountants have come forward to demand tax exemption for anybody who is earning less than a P 300,000 on a yearly basis. It has been strongly urged that income tax needs to be directed towards the wealthier income groups and large corporate bodies, rather than the struggling middle-class who has to work so hard in order to survive.
The Institute of Charted Accountants of England and Wales has been urging the government to scrap Inheritance Tax for a really long time. Out of the many reasons cited for the elimination of this segment of taxation, the main reason pointed out is that the revenue obtained from Inheritance Tax is very negligible, even less than 1% as compared to the other avenues of taxation. On the other hand, the complexity of the taxation system is extremely high, and it leads to unnecessary confusion among tax-payers and property-owners, making them seek the services of tax lawyers and accountants.
As taxation structures get increasingly complex, there is an increasing need to avail the services of a qualified tax lawyer or consultant. When in doubt, always consult a professional or expert in the field.
Featured amongst UK’s most experienced and prolific tax lawyers, we provide full legal services to all our clients in the realm of taxation. Or high quality and innovative solutions have enabled a large number of individual as well as corporate tax payers to properly understand the taxation system, comply with the same, and at the same time keep a tab on their tax expenditure by means of proper financial planning. Whether it is concerned with Tax Investigations, Investment Funds, Structured Finance, Restructuring and Insolvencies, Indirect Tax, Asset Finance, International Capital Markets and so on and so forth, our team of legal experts and tax accountants will guide you the right way at all times. We have been in this field since 1963, and the vast, wholesome experience that we have garnered is indeed exceptional and unparalleled, as compared to any other taxation specialist or taxation advisory firm in the UK.
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