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Tax Accountants giving advice since 1963

The Issue of Tax Avoidance

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.

Tax Regulations to suit all Economic Classes

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. Read More...

Tax planning and inheritance tax advisors

The line between tax avoidance and tax planning

The whole economy of the government works on tax funds. Taxes are a tribute system old as civilization, which have become esencially unchanged since the very beginning. The state has expenses that it needs to cover, and for such end it uses the money of the ones it rules that is tributed to it under many forms. Modern day taxes are regulated by the law and usually expressed in percentage on wealth or amount in transactions. Of course, money is still money, and all of us want to keep as much as possible. Thus, some people try to trick the system so they can pay less or even no taxes. This is esentially illegal, and these people are investigated by public offices with the purpose of keeping everything in order.

However, the idea of paying less taxes is very tempting for mostly everyone. Good news is that sometimes you don't need to do something wrong or illegal to pay less. Laws are complicated, so there is more than one way of doing things right. Here is where tax planning comes. The whole idea behind this is that, from all the ways in which you can do things, you can choose the one that implies paying less taxes, still within the frames of the legal system. Read More...

Income Tax Consultants | UK Income Taxation Specialists

Income Tax in the United Kingdom

In order to meet our daily living needs, we need a stable source of income. Many of us work very hard on a daily basis and are able to secure a stable source of income; however, at the end of the month, we need to give a part of our income to the government through income taxes. Income tax is the tax that is paid on certain types of income. In the United Kingdome, most people get what is known as a personal allowance of tax-free income. This means that they must earn a certain amount of income before they need to start paying taxes on it. It is also possible that income taxes are reduced by what is known as tax reliefs. However, most of us do not know what are considered tax reliefs and as a result, we end up paying more taxes than what we have to. There are also certain Government help in place which are designed to specifically help the self-employed where income taxes are concerned. However, those of us who do not know or understand the regulations pertaining to income taxes in the United Kingdom cannot use these factors in our benefit. Many of us are not trained in tax law. It is therefore advisable to hire an income tax consultant who has the expertise and knowledge needed to help you calculate the right amount and to help you with the filing. 

Choosing an Income Tax Consultant

Choosing an income tax consultant can be an overwhelming tasks for many. There are so many things that need to be taken into consideration to help you to determine the best consultant for you. It is very important that you hire your tax consultant in advance so that you can have sufficient time to make an educated choice. Do not wait until the deadline for filing is upon you because you will have to make a hasty decision and might end up making the wrong choice.

Below are three simple steps that will definitely help you in choosing a good tax consultant. Read More...

Where to invest: property investment and buy to let schemes

Growing your capital

There is more than one way of making money. The main method for gaining wealth is, of course, working. That is how most people make what they have. There are other ways, such as inheritance and finances, that should also be taken in consideration. Investments altogether are a good way to increase your capital without doing much, if performed wisely and with a bit of luck. The thing about them is that you must have a considerable starting capital, which is never that easy to build. We all face monthly expenses which drain our salaries and other incomes, so piling up a big bunch of money is not an easy thing at all. 

However, for one reason or another - such as the ones listed above - some people actually manage to gather that bunch of money. However tempted they could feel to spend it in the glimpse of an eye, it is always smarter to make it even bigger through investments. Now, investment are, by nature, risky. The common person with a good sum of money in his or her hands will predictably feel lost, not knowing what is the best thing to do with it. Read More...

Tax Investigation Advice | Expert Survival Techniques

The Purpose of a Tax Investigation

As a business owner, one of your primarily responsibilities is to make sure that your taxes are paid on time; otherwise, you could become a victim of the tax investigation conducted by the HM Revenue & Customs (HMRC). During a tax investigation, the HMRC is authorized to take away your records and investigate them to find out if you have been deceitful where your taxes are concerned. In most cases, only one year’s account will be inspected; however, if they suspect or find deceitfulness, they can go back and investigate five years or more. Depending on the level of deceitfulness, the penalty may be raised up to 100% of the tax that you should have paid or you might be banned from being a company.

In most cases, you will not know that you will be investigated until the tax officer is in front of your door requesting to take along your records for them to be inspected. Your company might be randomly selected by the HMRC to be investigated or it can be targeted by the HRMC. The HRMC targets certain companies based on their status, the types of activities that they partake it and their size. In addition, if the HRMC suspects that something is not right with your tax or if they suspect that you are being deceitful, they will target you. The investigation into APPLE is an example of a targeted tax investigation. 

Dealing with a tax investigation

So, what should you do if your company is being investigated? How should you react? Here are a few helpful tips. Read More...

BPA Bank, Andorra, Caught Up In Laundering Allegations

We are all struggling hard to make ends meet. It is exactly the reason we leave the comfort of our homes every morning and even night for some. We are looking for the dime! This precious commodity adds tones of spice to the otherwise boring life. That’s right, money makes life beautiful.

This being the case, it is no surprise that the human race has gone to extremes all in an effort to make some extra coin. Robberies, bribery, drug trafficking, terrorist activities name it. These are illegal activities and will most definitely raise ‘dirty’ money. These law breakers are aware of this and so they don’t stop at this level, they perform a ‘ritual’ to cleanse these proceeds. This cleansing is called money laundering. Read More...

Non Habitual Tax Resident Status in Portugal


Portugal  -The European Tax Haven 

Many northern Europeans are being attracted to Portugal for the tax benefits that are being offered to those who meet specific criteria which effectively means a zero rate of tax for pensioners and high net worth individuals whom make income from investments along with a special low tax rate of 20% income tax rate for high tech industries industries and strategically important occupations. As long as you have not been tax resident in Portugal for the last five years, after moving to Portugal you can apply to get the special tax rate and effectively save hundreds of thousands of euros of tax over a 10 year grace period. Read More...

Portugal NHR Dividends From Blacklisted Countries Taxed?

NOTE: The advice given on this page is for informational reasons only and should be checked with your qualified tax advisors, you should not rely on any information held herein for your personal tax status.


Questions answered about Portuguese NHR program:

Understanding Tax Laws and Planning For Your Future

Trying to understand how taxes work and how they affect your daily life can be quite a headache. There are taxes that are levied from all quarters, starting with your salary and for every item we purchase to inheritance. There are also times we are eligible for rebates and refunds. It is important to note that if you are not aware of the tax laws and how they affect you, you might lose out big time. In order to better look after your loved ones and plan your future, you need to be well versed in tax laws. Let’s get started on the basics.

There are countless types of taxes that are levied on the citizenry periodically. We’ll look at the most common types. Read More...

All You Need To Know About Tax Credits

Taxes are one of those subjects that many are ignorant about yet they significantly affect finances and life in general. If you are like most smart people, you are already looking for ways to ease the financial burdens owing to the rising costs of living, and paying more taxes than you have to should not be the norm. Depending on your circumstances, you may be entitled to rebates, tax relief, tax credits and tax free income. But in order to benefit from all these you need to understand how the tax system works. Here is a brief guide on what you need to know about tax credits.

What Are Tax Credits?

Tax credits are benefits given by the state to people who are taking care of children, those who are disabled, as well as those who are on low incomes. These tax benefits are largely categorized into two:  Read More...

Equifax credit report

Summarizing Your Financial History

Almost everyone has a financial history which is used as the basis by lenders and creditors to determine whether or not they should allow you provide you with credit or extend your credit. Your financial history is however not known to these lenders and creditors in advance so they need a way to get an overview of your financial history. They however do not need to know every little details. Instead, if they are provided with a summary of your financial history, they would have sufficient information to determine whether or not they should grant you credit or extend your credit. A Equifax credit report provides them with a summary of your financial history. In this report, the creditors and lenders will also have valuable information such as your payment history and the number of credit accounts. Using this information, they will be able to evaluate your creditworthiness and decide if to give you credit and at what rates. 

Getting Information on Your Credit Report


How to get extra cash while working

The Benefits of Having a Job

Getting a job and being employed is a natural part of our lives’ today. It is a major accomplishment for many people when they have secured a good job in a respectable firm or organization. Having a job provide you with a steady income, different benefits, the opportunity to develop yourself personally and professionally and the opportunity to develop relationships with those you work with. In addition, securing a job is a sign that you have accomplished something great – that all of your hard work, money, time and effort has finally paid off. 

While securing a good job is a major accomplishment, sometimes, having just one job is not enough, especially in these economically difficult times that we are living in. many working people are looking for other ways of getting money even though they are employed and have a full-time job, even me. Article writing is not my full-time job. I am employed from 8.00 A.M. to 4.00 P.M. as a Finance Manager for an IT Firm. Aside from being a passion, writing articles is a side job that allows me to generate additional income that I use to improve and further develop my standards of living. Read More...

Warning against Tax Refund and Rebates Email Scams

HMRC scam emails about tax refund are at it again. Here are the things to be careful of along with safety measures.

Phishing/Suspicious e-Mail

Phishing is hooking of victims and digging for information. Online fraudsters send e-mails to make unsuspecting victims disclose financial and personal information which they use for identity theft. The scams existing today include fake e-mails claiming to be from HMRC, meant to trick victims by informing them of their due tax refund. Therefore, if you get an email claiming that your refund for overpaid PAYE is due, it is not genuine.

Identity Theft

Identity theft is a crime committed through phishing as well as other methods such as telephone, fax, and regular mail or searching through a person’s trash. Read More...

Government Benefits; How to Make the Best of Them

Recent surveys have shown that out of ten households, nine have received one form or the other of government benefit. Government assistance can be either in the form of social services, medical care or even accrued unemployment benefits.

These benefits can be enjoyed directly, (i.e. where donations are received) or through subsidization. In subsidization, the government meets some of the cost, thereby making sure you spend less and save more. Money not taxed is actually similar to money provided for spending. In this article, you will find the advice on government benefits you need to make the most of your circumstances. Read More...

How Brexit Will Affect Sterling Currency Manipulations

 Effects of Brexit on UK Pensioners Living Abroad

Brexit, the decision taken by the UK people to exit the European Union is the hottest topic of debate in the country right now. There is a lot of confusion regarding the aftermath of this highly unexpected choice made by the British people. A number of people are fearful that this would have a negative impact on the economy of the country. While these fears haven’t materialized yet, there are concerns that linger on. In addition to the people within UK, Brits living abroad are also monitoring the post Brexit situation closely. UK Pensioners living in European countries for instance are concerned how this decision would affect their earnings.   

While the UK was part of the European Union, a number of Brits found it lucrative to move to the sunny climate offered to them by European countries. A large contingent of British people is currently residing in different European countries. A great number of these expats have even retired and are living in these countries on their state pensions. It is these pensioners who are most worried after the Brexit as they don’t know how it will affect their pensions. The following are some changes that Brexit might cause to their pension. Read More...

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I am very pleased with the work done by Effective Tax Strategies. They have dealt with my taxes in the most efficient manner. The advisers that I worked with were very helpful and friendly. Great Job!
Muriel J. Feliciano

Happy Clients

Effective Tax Strategies was recommended to our company by one of our partners to assist us with our taxes. I am very glad that we chose to work with them. Their detailed and acurate advice and their display of comprehensive and thorough tax knowledge was exactly what we were looking for.  
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