S7 Ep7: Financial FAQs, 7: Taxes

In the penultimate episode of this season on financial FAQs gleaned from the Internet, Bex picks Simon’s brain on the topic of Taxes.

Some key points of interest covered in this episode include the following:

• Bex starts off by asking Simon what tax is and how it works. [01:32]
• In response to further questions from Bex, Simon explains the nature and practicalities of each of the following: National Insurance [06:06]; Income Tax [11:11]; VAT [12:53]; Capital Gains Tax [16:07]; Inheritance Tax [19:17].
• Simon explains what is meant by ‘tax efficiency’, ‘tax avoidance’ and ‘tax evasion’ [21:39] and goes on to outline three HMRC and Government approved tax avoidance mechanisms that exist in the UK: pensions [22:22], ISAs [22:56] and Charitable Giving [23:18].
• Bex asks Simon to explain the circumstances in which someone in normal employment should complete a tax self-assessment. [24:27]
• Simon provides three top tips arising from this week’s discussion. [26:53]
• The final episode of this season will focus on the subject of Scams. [29:29]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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