More Definitions and Explanations
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Tax Incentives : Tax incentives allow companies to receive tax credits or deductions when investing in products or services that the Government wishes to encourage - e.g. venture capital trusts, Enterprise Investment Scheme, Research and Development credits and many more.
Tax Refunds / Tax Rebates : If you have paid too much tax, you may be eligible for a tax refund. Tax refunds are your responsibility and HM Revenue & Customs may not tell you if you are eligible for a refund.
Tax Relief : HM Revenue & Customs allows you to receive tax relief on certain payments - e.g. pension contributions. This means you can deduct appropriate amounts from your annual income to reduce the total on which you pay tax.
DeTaxify includes tax relief options available to you.
Tax Shelters : Tax shelters are investment products that are not subject to tax and that you do not need to declare in your tax returns - e.g. ISAs.
DeTaxify includes appropriate products and services.
Expatriate Taxation visit our dedicated Expatriate Tax website.
Q: What is the difference between Tax Incentives and Tax Shelters?
A: Tax incentives allow companies to receive tax credits or deductions when investing in products or services that the Government wishes to encourage - e.g. venture capital trusts and enterprise investment schemes. Tax shelters are investment products that are not subject to tax and that you do not need to declare in your tax returns - e.g. ISAs. DeTaxify can advise on appropriate products and services in both categories.
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