Never Pay Tax on These 3 Things

Never pay tax on these 3 things. Now, do you know what your biggest expense is? People often think mortgage, car, um, at least a divorce only costs you half. Your biggest expense, of course, is tax. Now I'm going to share with you 3 things that you're probably paying tax on that you don't need to pay either any tax or anywhere near as much tax on. These aren't schemes, these aren't trusts, these aren't moving to Dubai. Way more simple, um, and they're things that actually the revenue want you to do, they encourage you to do, um, because they need you. Now, the government need to tax you the maximum that they can without you either blowing up their premises or leaving to Dubai. At the moment they're in debt by $3 trillion. This is what they have to do. And so you have to pay the minimum amount of tax without doing it illegally or without evading tax. That's the dance. They want to tax you maximum. You should be paying minimum. Now, this is why I don't do schemes. They can come back to you after 7 years. You know, trusts and offshore and all this structural stuff costs a load of money, really complicated. The revenue may disagree with you, and then you're like, okay, well, I'm screwed here because not only did I have to pay the tax, then I've got interest and penalties, or it could be worse. So I'm going to start with some simple things and then I'll layer it up and give you sort of the more advanced stuff. So on a simple level, you need to start a company because— and by the way, these aren't the 3 things yet— when you start a company, you pay yourself first and you pay tax later. Could be 3 months later with VAT, could be even longer later when you, you know, you pay your personal tax return. Return. You pay your corporation tax later. You know, you're allowed to collect it and then pay it later. Whereas when you're employed, you work 30 days in arrears and then your employer basically has to send your tax straight to the government and you never see it. So you can't work it down. There's no breaks. There's nothing you can offset. That's just the way that work is structured. So even if you're employed and even if you don't really want another, um, your own business, at least start a company, have a little side hustle, if at the very least it's just to be able to work down some of your tax. Okay, so first thing is you need a company. All right, and the next thing is you need a good accountant, and then the next thing is you need tax investigation insurance. You know, once you start getting to a reasonable level of saving tax, but I'm going to save those parts because I don't want to complicate it yet. Okay, so the 3 things you're probably paying tax on that you probably could avoid. So number 1 is holidays. So I don't go on holiday, I do work trips. Now personally, I don't need holidays. I love my work. I'm not really interested But the work element of travel is offsettable against tax if you own a company. So you could either have a reasonable amount of it as a work trip and then a bit of it as a holiday, and the only— the holiday bit is the only bit which is after tax. The work bit is before tax, so the flights can be before tax, and the hotels and any trips you do that are related to work or research towards your work. If you like property, you know, you do property viewings, etc. So holidays can now be minimized, or much of your travel could be a business expense, which means you're not paying tax on that money, or at least you're saving the tax. That's the first thing. And I merged my passion into my profession. I became a public speaker. I run events and I travel the world and I get the benefit of traveling the world, but it's on work, but I love my work, so it feels like a holiday, but it's work, and there's like a double win there for me. And I did that intentionally. Okay, the second thing you're probably paying tax on you don't need to is all your home office related areas. So you probably have an office at home, You might even have a little studio, you know, to do all of your content. You've probably got your phone, your laptop, microphone, recording equipment, all of that, or you could have all of that. And all of that can be a business expense because here's my golden sort of simple rule. If you buy it after tax, you pay twice as much. If you buy it before tax, you pay half. So it's either going to cost you half or double depending on how you buy it and what structure and entity you buy it in. So, you know, my phone is all for work, so that's run through. My laptop's all for work, that's run through. My home studio and then my home office, these are all able to run through. Now remember I said you need a good accountant, so we'll come to that. Um, you need to make sure that you do the research because this can be nuanced. It is complicated, and I think they make it complicated so that maybe a lot of people don't do it, or it scares you, or maybe it is just technical, but you have to get it right. But you can do this. Obviously, I wouldn't do a live if you couldn't. And by the way, not all accountants agree. Okay. And then the third thing's a big one, which a lot of people don't know how to do this. It is possible to do if you get a good accountant, you do it right, but your cars. So if you buy a car personally, you pay double. If, um, and also if you buy a car in a company, you can claim the VAT back, possibly. If you buy an electric car, there's tax breaks on that. And if you buy a car in an LLP structure, the company could own the car, and depending on the type of company, you could use that car. Now I have 7, maybe 8 cars, most of them supercars, and I have saved hundreds of thousands of pounds plus on having my cars in an LLP and having the right kind of company that can own those cars. And most people don't know this stuff. So a few, a few quick recaps then. Number 1 is if you buy it after tax, it costs you double. If you buy it before tax, it costs you half. You must get a really good accountant and get everything qualified and signed off by them. Much of this is actually on HMRC website. You just may be a bit scared, or it's a bit technical to find out how to do it. Once you get big numbers of tax savings, you definitely want tax investigation insurance because you want to make sure that you're covered, um, and essentially you can sign off so you're doing things legitimately. Remember, it's a dance. The government want you to pay maximum amount of tax without blowing up their head offices or leaving the country. And you want to pay minimum amounts of tax without going to prison. That's the dance. And obviously tax is your biggest expense by an absolute mile, and maybe you don't really feel like your tax is being invested well, you know, in the services in the UK that are maybe dwindling. So this is all the dance that's going on. Start a company, turn holidays into work trips, Claim everything that you can through the Home Office for the side hustle, and then go deeper and look into things like cars and then other big tax breaks, and you will save tens of thousands a year. A normal person will save tens of thousands a year. An entrepreneur business owner could save hundreds of thousands a year, and you have the fiduciary duty to your company and yourself to minimize the expenses, and tax is the biggest expense. So look, if you'd love to learn a lot more about this, I go in detail live in an event where for 90 minutes to 2 hours, as long as you turn your plane on airplane— your phone on airplane mode, not your airplane on phone mode— as long as you turn your phone on airplane mode, I will teach you how I've run 5 cars through my companies. I will teach you how to get your tax bill down on your trips, your expenses, your travel. I'll basically teach you everything I know about legally and legitimately minimising your tax. Now you do have to slightly tweak your lifestyle here. You can't just claim everything and not pay tax. You have to slightly tweak your lifestyle to fit within the rules because tax is so much now, I believe it's worth it for you to do. So if you'd like to learn how to do all this, I'm actually teaching this at the Moneymaker Summit live on the condition that no one records and everyone puts their phone on airplane mode because obviously it's sensitive information. And by the way, it changes all the time. So we have to keep it updated. So I wouldn't want an old recording out there. So the link to this special live event, the Moneymaker Summit, is robmoore.live/money. That's robmoore.live/money. We have two date choices, a new date we added. There's London or Peterborough. If you want to learn how to make, manage, and multiply money, build multiple streams of recurring income, get your tax bill down and your income streams up, go to the link robmoore.live/money. Christina has said that Moneymaker Summit is a fab event, always hearing from your attendees. Your tax session is one of the highlights of the event. Very much appreciate that. By the way, I do 5 talks at this event. My 5-step framework of going from zero to 6 figures if you're starting out. My 5-step framework of going from 6 to 7 figures if you're scaling up, my 8 stages to go from zero to millionaire, you know, the 8 stages of becoming rich. These are all talks that I do live at the event. Now, as you'll see on the link, robmoore.live/money, there's a couple of ticket options. Now, from time to time I sponsor people and basically cover your costs, so you just have to get there. I cover the speaker fees, you know, the location, the venue, the AV, everything. You just have to get there. I don't know if they're still available. You can see on the page, but really the best ticket options are the upgrades because that's where you get front row seating. You get a money mindset session with a master entrepreneur mentor of 20 years on day 1. You get a money mindset session with me, a bonus one that the other delegates don't get on day 2. And you know, I've done a quarter of a bill in sales. So you also get dinner with me and the other mentors. I've got 6 mentors who've probably got 120 years hardcore business experience between us. I bring in the best of the best, only the people that walk in the walk, by the way. They have to have been doing it a long time and walk in the walk, and I have to trust them. So I bring in the special mentors. There's an online 15-hour course called How to Raise Money. 'cause a lot of people say to me, well, money right now is hard, raising money is difficult. You know, I can't afford this, or the cost of living crisis. So we've actually provided an online training for you to help you with that. And I can give that to you as part of the VIP ticket upgrade 'cause I've already recorded it even though it's worth a lot of money. Natasha says, Moneymaker Summit is a must-go-to event for 2025 for anyone wanting to gain financial knowledge. Thank you, I appreciate you, Natasha. So you can find all the dates, the details, the logistics, the ticket options at robmoore.live/money. And if you want to know probably the top dozen ways to get your tax bill down legitimately, legally, through genuine avoidance, through good tax planning, because everything's about planning, isn't it? Financial planning, pension planning, inheritance planning, tax planning, it's about planning. And actually there are still a lot of tax breaks even though you know I've moaned a bit about the UK. There's still a lot of tax breaks, still a good place to do business, but you need to learn the nuance. So I'll see you at Moneymaker Summit Live, and then maybe you can start running, you know, you can turn holidays into work trips. Maybe you can look at how you can save tax on your cars, save tax on, you know, your home office and loads of other expenses. You know, there's quite a few, EIS, SEIS, R&D, capital allowances. There's all these more advanced tax break saving strategies, and I'll go into some of them at the Moneymaker Summit Live. Remember, if you buy it before tax, it costs you half. If you buy it after tax, it costs you double. Is it not worth just learning a bit here and investing in yourself? So, you know, if you come to the Moneymaker Summit, all in, even with the travel and everything, It's costing you probably less than I pay for coffee a month. But, you know, it could save you thousands, tens of thousands, or hundreds of thousands a year if you manage your affairs well. So it's just a very small investment in yourself. New date added. Dates, details, information at robmoore.live/money.