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HMRC Announces the Biggest Tax Payers for 2018

HMRC has published its annual report, and it has indicated that bankers and insurance brokers are facing a bigger financial burden in the form of income taxes than ever before. The report for 2018 has shown that both of these sectors form the Government’s largest source of tax revenue than any other industry this year. The total contribution of the finance sector to the Government’s pot is based upon the amount of tax deducted from pay cheques per year.

Of course, if you feel you’re paying too much tax on your wages, it can be difficult to make ends meet. For this purpose, it is well worth talking to a chartered accountant in North Wales. A good accountant in North Wales or beyond will be able to indicate to you just how exactly to make savings, so the burden is less. There are a number of tried, tested, and perfectly legal ways to lower your tax obligation, and HMRC has always capitalised on the veil of ignorance around them.

A good chartered accountant in North Wales will look at every aspect of your business as well as all aspects of your personal life, and will suggest ways of which to save money in a business perspective as well as a personal one. For instance, you can make savings to your businesses tax bill by having your business earn less, by investing profits into things such as pensions for family members where applicable. This money collects, is not taxed, and is an asset and something to be drawn upon.

While the financial and insurance industries are the highest payers of tax in 2018, there are other industries which are noted as well. For instance, the science, mathematics, technology and engineering industry has increased its tax obligation by a fifth over recent years, now providing 12.2% of the total income tax collected by HMRC.

On the opposite end of the spectrum, there’s the agriculture, forestry, and fishing industries which are ranked at the bottom of the list of highest contributors. This appears to be because income tax starts at an annual salary of £11,850- and lower paid work in the agricultural industry as well as forestry and fishing brings about such a small boost to the country’s reserves.

That’s not to say that even lower contributors such as these industries cannot take advantage of tax solutions. If you’re feeling the sting, it doesn’t matter what industry you’re in. There are ways to lessen tax obligations, thrive, and flourish.

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