Tax avoidance and tax evasion are two terms used to describe different types of behaviour related to paying taxes.
Tax avoidance refers to the legal practice of arranging one's financial affairs in a way that minimises the amount of taxes owed. It involves using legal tax deductions, credits, and exemptions to reduce one's tax liability. Tax avoidance is considered acceptable and legal by all, except the ignorant and politicians looking for a soundbite.
Tax evasion, on the other hand, is the illegal practice of not reporting all of one's income or assets to the tax authorities in order to evade paying taxes. Tax evasion involves intentionally misrepresenting or concealing information from the tax authorities to reduce or eliminate one's tax liability. Tax evasion is illegal and can result in criminal charges and penalties.
In summary, tax avoidance is legal and involves taking advantage of legal tax deductions and exemptions to minimise one's tax liability, while tax evasion is illegal and involves intentionally failing to report income or assets to evade paying taxes.
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Worth every single penny of the license fee, paying these freelancers for decades to read from an autocue and talk shite.
ReplyDeletehttps://www.theguardian.com/football/2023/feb/27/gary-linekers-lawyers-say-hmrc-tax-probe-looking-in-the-wrong-place
Eight prosecutions in two years, not exactly fantastic is it. Crime does indeed pay, if it's of the White Collar variety. There will be the usual spin behind the figures if questioned, hiding behind the fakedemic and staff cuts most likely. The facts speak for themselves.
ReplyDeletehttps://www.ft.com/content/2b571f7c-6ba5-489f-9450-ac952be9e27d