Legally avoiding taxes in London
Is there anything we can do to legally avoid or at least reduce income tax in London? I don't want 40 to 45% of my hard-earned money being taken away
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Okay firstly just want to make sure you understand that tax brackets are not flat, they are progressive. You do not pay 40% tax on all your income, just the amounts over 50,000 (and 45% for over 150,000)
Basically reduce your taxable income. The main way to do this is to contribute towards your pension either via salary sacrifice into you workplace pension (income is taken out before tax) or privately contributing to a SIPP (you have to claim back tax on money you put in there/money is added to the SIPP as if it was never taxed).
If you were to salary sacrifice all your income up to the 20% tax threshold that would leave you with ~£50,000 of taxable income or about £35,000 of income after tax, NI, and student loan repayments. More than enough for most people to live on.
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there are a few tax efficient investment schemes. EIS schemes - you basically reclaim tax losses on the 9 shit investments the fund makes for every 1 ten bagger.
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