EP. 110 - ACCOUNTANT EXPOSES: The UK Tax System Isn’t Designed For You To Get Rich…! ft. Benedicta Egbeme
Joining us in the booth this week is Benedicta Egbeme, who is a CIMA Qualified Accountant, Management Consultant and Business Finance Coach.
In this episode we discuss:
- The income tax allowance
- How much you get taxed and at what salary
- The UK Tax system incentivising business owners
- Government getting rid of the dividend allowance
- How employees can reduce their tax liabilities
- The impact of the income tax allowance being frozen till 2028
- What to do once you've received your tax code
- HMRC targeting people with side hustles and much more
Follow Benedicta on Instagram here
Follow me on:
Check out: https://www.youtube.com/savvywallet for the video version
Our partners:
Coursera
Learn AI, Cybersecurity, Project Management, Data Science & more with Coursera here: https://imp.i384100.net/savvywallet
Ato has personally used Coursera to obtain an AI certificate.
NordVPN
Get 3 extra months free with a 2 year plan: https://go.nordvpn.net/aff_c?offer_id=15&aff_id=106735&url_id=902
Some of the links are affiliate links which means that we will receive a small commission if you make a purchase, however there will be no additional charge to you.
TIMESTAMPS
00:00 - Preview
01:00 - Intro
01:35 - Meet Benedicta the Accountant
05:17 - What is the income tax allowance
09:13 - This happens if you earn over £100,000
11:25 - UK Tax Systems wants everyone one the same level
12:24 - Being an employee is a scam….Businesses pay less tax!
18:52 - How to reduce your tax liabilities as an employee…!
22:09 - If you earn £100,000 you have to do a self-assessment
23:06 - People don’t want to be responsible for their money
25:14 - Income tax rate frozen until 2028, how it affects you
26:52 - Why is the government getting rid of the dividend allowance?
30:12 - The UK has a better system than most…
34:45 - Do this once you receive your Tax code….
36:36 - HMRC targeting side hustlers…has anything changed…?
41:21 -If you don’t pay tax what will happen?
45:04 - How to pay your tax bills…!
46:32 - How far will HMRC go back with the side hustles
49:39 - You live in a country that has allowed you to make money safely…!
52:59 - Final words
Learn more about your ad choices. Visit megaphone.fm/adchoices
Create your
podcast in
minutes
It is Free