ACCOUNTANT EXPOSES: The UK Tax System Isn’t Designed For You To Get Rich…! | Benedicta | EP. 110

Joining us in the booth this week is Benedicta Egbeme, who is a CIMA Qualified Accountant, Management Consultant and Business Finance Coach and the founder of Beniratio Finances.

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

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TIMESTAMPS
0:00 - Preview
1:00 - Intro
1:35 - Meet Benedicta the Accountant
5:17 - What is the income tax allowance
9:13 - 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

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The information contained on this video is not intended as, and shall not be understood or construed as, financial advice. I am not a financial advisor and the information in this video is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

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