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UK Tax Freedom Day
By admin | June 2, 2009
Today, June 2nd, is Tax Freedom Day in the UK. Tax Freedom Day is the day on which we stop working for the Chancellor and start working for ourselves. So if the average person works from the first of January each year, it will be June before they have earned enough to pay their taxes.
Every major country has its Tax Freedom Day, usually calculated by free marketeers who are still resident there and thoroughly annoyed at having to pay so much tax. Tax Freedom Day is defined by Wikipedia as “the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden.” All taxes are included in the calculations, not just income tax. In recent years governments have introduced many so-called stealth taxes.
One thing that is not included in the calculation, however, is the ultimate stealth tax – inflation! And devaluation (The many Brits who own second homes abroad will certainly know what I am talking about here! No economics training required!)
Fortunately, all this only concerns me in passing. Although I was born a Brit, I’m no longer in the UK. Haven’t been for years. Like all UK non-residents, I am not obliged to file a tax return unless I happen to have income in the UK. The same deal applies to citizens of every other country in the world, with one big exception: the USA.
US citizens are required to file tax returns with the IRS wherever they happen to live in the world. Even Americans, however, get the benefit of a complete exemption on the first $85,000 of earned income each year. Not bad for starters. So even Americans can – by using offshore corporate structures, trusts, foundations and the like – pretty much avoid all taxes legally by moving offshore.
There are lots of reasons in this day and age to go offshore which have nothing to do with taxes. I am very fond of telling socialists I meet that most of my clients these days go offshore for reasons that have nothing to do with taxes. They end up having to agree with me, because they too are sick of big corporations and governments taking away our freedom, privacy and civil rights.
When you make that move to become an expat and start to receive your income through an offshore company, you simplify your life so much. No need to waste time keeping records of expenses and tax deductions. The simplicity of working for money, then keeping it, no questions asked, feels like an incredible burden being lifted off your shoulders. If you haven’t tried it yet, you really should! You will enjoy it.
The good thing, though, is that the news is out. You can opt out of unfair taxation. The number of people who are opting out of the tax system altogether, simply by going to live – at least part time – in a country where they can legally carry on their lives and businesses without paying tax. Examples of these countries would be Panama and Belize, amongst others. You can read more about both Panama and Belize, as well as other personal tax-free residence havens, by browsing this very site.
Meantime, would you like to hear some secrets? Would you like to know how to use offshore banks to protect your assets from greedy governments, you could do no better than starting here at my blog. If you feel I could help you individually, remember I do free consultations for members of The Q Wealth Report. There’s a lot more stuff going free too if you are interested in reading more about this topic… like our FREE Offshore Banking and Asset Protection E-Mail Course in association with Q Wealth Report. Have fun – and if you’re in the UK, at least you can breathe a sigh of relief! Come join us offshore soon though.
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Topics: Banks and banking offshore, Privacy and protection | No Comments »
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