13:45 19 May 2013
The recent news about evading taxes or even avoiding taxes may have some people taking a look at their savings habits and whether or not those habits could get them into trouble in the future.
Avoiding taxes in the UK is not illegal, but evasion is. If you’re caught, it could mean fines up to 200per cent of what your taxes would have been. If you want to make sure your savings habits won’t get you in trouble, here are a few tips:
If you stick to traditional savings habits with ISAs and savings accounts, or stock market and other investments you should be absolutely fine.
Those are all legitimate ways to save money but can give you a tax break in some cases on the interest that is earned. It’s best to speak with a tax professional if you have more specific questions or want to know about a certain savings scenario.
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