It actually pays to become rich, literally,
because you have so much money and the only trouble you have is spending it
faster than you could hide it, or you could spend to hide it. Many in the
United Kingdom use their money for the latter. UK millionaires may give you an
insight on how to hide you money effectively from the HMRC.
1. Incorporate a Business
Start a small business and have it pay you
as an employee of the business. Employ your significant other and you both get
reduced tax rates and benefits. This is opposed to paying 60% against 40% of
your taxable income. Any income going over £100,000 automatically has an
additional 20%, which is quite a painful load for any millionaire.
Incorporation benefits also add more tax deductibles to your business
activities.
2. Give to Charity
Giving to a charity or NGO gives you a tax
deductible, but only to a point. It would be unwise to give to charity more
than your income. But being a millionaire, such an income wouldn’t be too much
of a burden for you. Just give enough money to the charity and you could get it
back.
3. Self-Employed
For self-employed individuals, declaring a
living space as your workplace helps you have tax deductibles that you could
use for renovation and improvement. For millionaires, having a tax deductible
home helps them purchase the latest technological improvements for their home
in the name of self-employment.
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