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H&C 4Q Tax Quiz!

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Take 2 minutes to test your tax knowledge with this 4 question quiz!

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H&C 4Q Tax Quiz!

  1. 1. Investments – Mini Tax Quiz
  2. 2. The Survey • Fidelity Investments conducted a survey to test the nation on their knowledge of the personal taxes they pay • They spoke to 2,000 people • Asked 4 Questions • Weighted sample to nationally representative criteria • How would you have faired......?
  3. 3. Test your knowledge 1. What is the income tax threshold for the higher rate of tax?
  4. 4. Test your knowledge 1. What is the income tax threshold for the higher rate of tax? • £37,400 • Only 9% of the population could identify £37,400 as the correct higher rate of tax and more worryingly a quarter of people earning more than £50,000 think they only pay a basic rate of tax.
  5. 5. Test your knowledge 2. What is the CGT limit?
  6. 6. Test your knowledge 2. What is the CGT limit? • 18% on all gains over £10,200 for Basic Rate Tax Payers (28% for Higher Rate and Additional Rate Tax Payers) • Only 6% of people know the Capital Gains Tax limit
  7. 7. Test your knowledge 3. Is tax payable on ISA investments?
  8. 8. Test your knowledge 3. Is tax payable on ISA investments? • No. • 30% of population don’t know that there is no tax to pay on an ISA
  9. 9. Test your knowledge 4. Is tax payable on savings accounts and premium bonds?
  10. 10. Test your knowledge 4. Is tax payable on savings accounts and premium bonds? • Yes and No. • Only 67% of population know that you pay tax on the interest earned through savings accounts and 48% do not realise that you don't pay any tax on premium bond prizes.
  11. 11. Survey results • 33 million: Estimated number of UK tax payers who say they are confused about tax • 1 in 7 of UK taxpayers do not know their tax band • 25% of people earning more than £50,000 think they only pay basic rate of tax • 17% say they don’t understand their tax position at all, • 11% of the people ‘just pay their tax’ and don’t bother checking their tax bill
  12. 12. What steps have people taken to become more tax efficient? • 38% of people haven’t done anything about reducing their tax liability • 25% think there is nothing they can do to mitigate their liability, • Only 15% have made use of tax efficient wrappers • 16% think they can't do anything about the tax impact on interest/returns • Professional Advice? – 23% have seen an accountant – 12% have gone to see an IFA – 15% haven’t done anything at all
  13. 13. Confusion over ‘tax’ products.... • Just 30% of population don’t know that there is no tax to pay on an ISA • Only 9% understand its relevance and implications • Only 10% of employees who contribute to a company pension scheme pay in the full amount • Of those who do contribute, 22% still don't know the tax advantages their company pension scheme affords them
  14. 14. How can we help? • Contact us through our website to arrange an appointment: www.holderandcombes.co.uk • Or call 020 7562 5855  We can establish your tax position  Identify potential tax savings to be made  Ensure tax compliance for you

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