3 Ways to Legally Avoid Tax

3 ways to legally avoid tax. There are only really 3 main ways, true ways and real ways to legally avoid tax. Now taxes are approaching a record high, they're moving towards the heights of the late '70s, and the government are not hiding the fact that that they are going to continue to increase taxes. It won't be long before you're over 70% in taxes in what you spend and what you earn. And what I'm about to tell you are the only 3 ways that the government incentivize and allow you to reduce tax. You know, a lot of people look at going non-domicile, they look at trusts and things like that, Many of those don't work, many of those are a bit dodgy, and actually you can be retrospectively taxed and fined for many years to come. So no, I'm not talking about registering offshore accounts or any of that shenanigans. I'm actually talking to you now about things that the government incentivize and allow you to do, so you don't have to worry about it being dodgy. Be careful of what some of the comments might say, because I see a lot of people thinking about going non-domicile to another country or setting up these trusts or going offshore, and they end up actually being a bit of a scheme or a scam or very risky, and I'm not into that kind of shit. So, um, if you are employed, you don't have any tax breaks. None. You pay your tax first and then you get your money last. That's the reality. So basically, you have to avoid the employment trap. You have no ability to offset or manage your own tax affairs when you are employed. So forget non-dom, forget trust, forget paying a load of whizzy-schemey um, sort of pseudo accountants to try and do some, you know, um, evasion, and focus on these 3 things. Number 1 is you must own a company. So let me ask you this: do you own a company? Because when you're employed, you don't own a company, and when you're employed, your tax is taken before you get your money and you're given what's left, and there's nothing that you can offset, and there are no allowances. Whereas when you own a company, you have to charge VAT once you're at the threshold, and then you get to keep that VAT for a few months before you pay it. Now, you can't work down VAT. Be careful because VAT is where a lot of fraud happens. There's no way that I know anyone that's found that you could work down VAT, but at least you get to hold it as cash for a few months before you pay it. But then what you'll have is your corporation tax, and you can work that corporation tax down. Then you'll have your income tax, and you can work that income tax down with legitimate tax breaks that the governments give you. Now, when, when there's prosperity, or when there's incentive, or when they want to grow industry and innovation, Governments will give you a lot of tax breaks to incentivize you to do that. When there's austerity and the government are in trillions of debt and the government want to pull in a load of money, they'll reduce those amounts of tax breaks. So they kind of expand and contract and expand and contract. And at the moment, yes, many are contracting, but in the end they will have to expand them if they want to incentivize growth. At some point the government will go, 'Oh yeah, wait a minute. If we tax everyone 80%, we'll generate no revenue. Oh, we better incentivise growth in the economy. Oh, how do we do that? Oh, give them some tax breaks.' So in the end they'll get that. For example, entrepreneurs' relief. You used to get a relief of, um, £10 million in your company sale where you'd get just a 10% tax to incentivise you to grow a company and sell it. There was R&D relief, which they're trying to remove now. There's capital allowance relief on investing in real estate that they're trying to remove now. Now, I have saved millions of pounds in tax, in capital allowances and genuinely offsettable, um, expenses within my companies, and you can too. So the overriding one main way to legally avoid taxes, you have to own your own company. Whether it's a side hustle and a part-time income stream, or whether you're going full-time into a main business. And most people on the planet don't own their own company. Now, why are the tax breaks better, and why is, um, the tax managed differently when you own a company to when you're employed? Because, um, the government do actually need company owners and entrepreneurs to start businesses and employ people. And even though it can feel like you're under attack at the moment if you own a company, they still need you. And it's still better to own a company than it is to be employed. So when you own a company, you charge VAT and you hold it, and then you pay it to the government 3 months later. When you pay your corp tax, you pay your corp tax once a year, and you can offset a lot of various different expenses to get your corp tax down. You've got various expenses you can offset to get your income tax down. So own a company is number 1. Number 2 is to run a home office. So there are certain types of structures like being self-employed or having an LLP. Now make sure you get account— good accountant's advice on, um, setting up companies and the right type of company and what you can offset. That's very important. Make sure that the advice they give you, they would defend you if there was a case against you. If they wouldn't defend what they're advising you, it there was a case against you, then don't do it because there's a conflict there. But if when you run your own home office, you're able to run your heating, your electric, your internet, your phone, your computer, your— probably even your Apple Watch if you use it for business— you're able to offer all these things and run all these things and offset the costs against your tax bill. Now, running a home office is a really easy thing to do. You could start a side hustle business like a membership site like Rob.team you could have one of your rooms or some of your rooms in your company, one room for filming, one room for your home office, and you can run the overhead in the expenses of those offices and all the material items that you buy. So I've got my laptop here, I've got my phone here, I've got my tripod here, I've got this light here that I don't know why I'm not using. I should be using this light. And all these things that you purchase, which you might purchase anyway if you're on a side hustle, you can run them. Let me just put the light on. You can run them through your company, and basically anything that you buy in your company essentially reduces the profit and therefore reduces the amount that you have to pay in tax. Then the next big thing that's, um, a company expense and a way to get your tax down is subsistence. So travel, accommodation, and anything that you need like fuel and food on that travel and accommodation can be offset against your income and can get your tax down. So if you go on holiday, why don't you roll it in with some business? You know, why don't you, for example, do some property viewings or do some seminars or do some mentoring? Write a little report when you're out there, you know, um, noting what was business and what was personal. And the business element can be run through the company as a business expense. Um, if you have a company, then then much of your travel and much of your expenses and much of your accommodation can be run against the company, which can reduce your profit and therefore increase the amount of money net that you earn and reduce the amount of tax that you pay. Do you know what your biggest expense is in your life? It's not your husband or wife, it's not even your children, it's not your food, it's not your mortgage, it's not your heating. It's your tax. Your tax is probably minimum 40%, maximum 70% or more of what you earn and what you spend. In fact, I don't think anyone pays as little as 40% tax, even if you're not in the 45% tax bracket, because there's tax on food, there's tax on fuel, there's double tax on fuel, there's tax on everything you buy, there's VAT on all, pretty much all products and services that you buy. So your single biggest expense is tax. Yet most people on this planet aren't in a position to get their tax down because they're employed, or they're not even thinking about getting their tax down. All these people on the internet saying, oh, don't, um, don't put the heating on and don't spend any money and don't go anywhere and don't eat any food. You know, so many people are teaching you to save £10 and £20 here and there, well-meaning do-gooders But imagine if you earn £100,000 a year and you pay £40,000 in tax. Imagine halving your tax, you're saving £20,000 a year. That's a huge, a huge amount of money. You can't save £20,000 a year not having coffee and cancelling Netflix, but you can save £20,000 a year on your tax. So look, it's really important that you understand that tax is your biggest expense. Now look, I don't mind paying tax. I know I rant and stuff, But I think it's fair and reasonable that I pay a fair amount of tax. I think it's too high at the moment, and I am complaining about that. But, you know, I'm more than happy to pay my fair share in tax. I want good roads, I want good schools, I want good hospitals, I want good defense, I want good legal system. You know, I'm not expecting to pay no tax. I'll pay my fair share. I pay millions a year in tax, by the way. Millions. But it's got to be fair, and at the moment I don't think it's fair. I think it's way too high, and it's going to get higher. And essentially I'm paying for government mistakes from lockdown, and now I'm paying for the £2.3 trillion government debt and the massive black hole that they're calling it that they've got. And I don't think that that's right. So I want to get my tax down to a fair rate, and I want to leverage all of the offsettable allowances. These are all on HMRC website, by the way. And actually, do you know what, the advice I'm giving you here, or at least my, my opinion— I wouldn't necessarily call it advice, do your own research, um You can find all of this out on the HMRC website. And actually, HMRC, if they watch this, they should be loving me for this because I'm talking people out of all these bullshit schemes and scams, like going, you know, non-dom and trying to hack that, and, you know, trusts. And that's just going to end in trouble most of the time. But work with HMRC, i.e., find out what they are allowing you to offset— capital allowances, if there is R&D relief, entrepreneurs' relief. Subsistence, home office, all of this kind of stuff. And by the way, any more sort of finer details, you've got to get good advice from a good accountant. That's really important. And get your tax bill down legitimately. Now, if you think about it, the government, they want to incentivise you to start a company, and they want to get the balance right because they want you to be able to offset some tax so you can run that company without it going bust. But they obviously don't want you to pay zero tax either. And if I were advising the government, here's what I would say: tax small business owners less. I think there's 5 to 6 million small business owners that employ most of the people that generate most of the revenue. So my advice to the HMRC is tax small business owners less and give start and scale-up business owners many more tax breaks, but then the super rich, tax them more. And you only have to tax the super rich 10% more and you've generated trillions. And if you tax the small business owner a bit less, you've probably generated billions back into the economy. That would be my— because people always say, well, Rob, what would you do if you were Prime Minister? Everyone's telling me to be Prime Minister. No way. But look, if you'd like to get your tax bill down significantly, therefore your income up, and actually save your biggest expense and stop pissing around with canceling Netflix and not having coffee, go and join rob.team, because in rob.team there is a deep dive live masterclass from my accountant who saved me millions in tax, and he's cost me a lot of money as well. And I actually interviewed him and we went through all the different ways that you can get your tax bill down. Therefore, because actually when you save 20 grand a year in tax, you save 20 grand. When you earn 20 grand a year more, you don't earn 20 grand more because you've got to pay the tax on it. So actually saving tax, you get the full pound. Or dollar, whereas earning money, you might only get 50 pence or half the pound or dollar. Most people don't think about that. So join Rob.team for less than 20 pence a day. And by the way, Rob.team is offsettable against your tax, so you get it down from £6 a month to £4 a month. £4 a month to learn, earn, invest, and make, manage, and multiply money. So here's what you need to do. Open up a new web page now. Just do it right now, as long as I, um, while you're here. Do it now. If you don't do it now, you'll never do it. So open up a new web page and type in rob.team. Rob.team. Type it into a new web page now. Join rob.team for less than 20 pence a day. Cancel anytime. No ongoing contract. And not only will you learn how to make, manage, and multiply money— Harry's joining. Go and do it right now. Not only will you learn how to start and scale a business but you'll learn how to get rid of your biggest expense, get it down as much as you can, which is tax, which most people don't tell you. And the government, maybe they don't want to tell you this, they want you to keep paying tax. So join rob.team, and my accountant was kind enough to do a live stream masterclass teaching you how to get your tax down. But there's hundreds of hours of courses, resources, and masterclasses. 21 ways to monetize social media, how to start and scale your business, um, how to, um, I've got a masterclass coming tomorrow, actually. If you join rob.team right now, there's a masterclass you can jump on tomorrow, which is the fastest ways to £10K a month. I'll probably be covering the 5 fastest ways to £10K a month. So, um, open up a new web page, type in rob.team, rob.team, go and join now. It's offsettable against your tax as long as you know how to do it, as long as you start a company. If you don't know how to start a company and you haven't got one, join rob.team because we'll teach you how to start and scale a business, create multiple streams of income. Here's another thing, another way to get rid of your tax is to invest in assets that you can offset against your tax. So certain assets have offsettable allowances, certain don't. Another thing that you can do is in your company, you can invest the money into assets within your company. Now we're starting to get a bit technical, and now you would need to be handed over to a really good accountant. And if you're a member of Rob.team, I am going to start doing more regular masterclasses with my accountants, with my lawyers, you know, with my, um, sort of power team to help you start and scale a business, get better financial education and knowledge, make, manage, and multiply money, but get your biggest expense down, which is tax. So have you joined Rob.team yet? What are you waiting for? And you can offset Rob.team. And do you know you can offset all your education? Do you know all the books that you read and all the courses that you go on and the masterminds? Do you know you can offset against your tax bill as long as you're in the right tax structure and as long as you've got the right accountant? So there's so many things that you're buying right now that you're paying double for, because if you pay it after tax, you're essentially paying double if half your money is in tax. So it's all in Rob.team. Just open up a new web page. Type in rob.team, rob.team, and I will see you in the members area. The 3 best ways to legally avoid tax, because tax is your biggest expense, because tax is going up, is to own and start a company, even if it's a side hustle, run a home office, and then make sure that a lot of your subsistence and travel and expenses and, um, fuel and food and, um, All of these expenses are run against your company as long as they are for company use, and there's ways to make them company use. See you in Rob.team. Thanks for tuning in. Let me know what you think in the comments, and avoid all these schemes and scams and non-doms and trusts and all this stuff. It mostly ends in fines or worse. I wonder if you wouldn't mind sharing this, because I think a lot of people would like to get the tax bill down. And here's the thing, all these do-gooders saying, oh, don't don't order coffee out, don't go out for dinner, cancel Netflix, not realizing actually in one fell swoop you can get rid of £20,000 a year in tax legally with incentives that the government actually give you because they need you. Have a think about that. But don't think about joining Rob.team. Go join now. Open up a new web page. We've got nearly 10,000 movers, shakers, and changemaker members. Join them. Rob.team in a new webpage right now. I'm out of here. Remember, if you don't risk anything, you risk everything.