Knowing about taxes is incredibly important for all of us. After all, we all pay some amount of tax, however big or small. Now, you don’t need to be an accountant or understand the tax law inside and out, but with a greater understanding, you may be able to take advantage of the opportunities that are out there to reduce your tax bill. Tune in to hear Kevin and Christian share the principles that you can implement to legitimately, pay less tax each year. The duo discuss tax free-allowances, tax thresholds and some brilliant tax-free products that are out there, that you may not be currently taking advantage of.
Knowing about taxes is incredibly important for all of us. After all, we all pay some amount of tax, however big or small. Now, you don’t need to be an accountant or understand the tax law inside and out, but with a greater understanding, you may be able to take advantage of the opportunities that are out there to reduce your tax bill.
Tune in to hear Kevin and Christian share the principles that you can implement to legitimately, pay less tax each year. The duo discuss tax free-allowances, tax thresholds and some brilliant tax-free products that are out there, that you may not be currently taking advantage of.
Resources Mentioned In This Episode:
>> Join the WealthBuilders Academy
>> REGISTER HERE FOR FREE RESOURCES ACCESS
If you have been enjoying listening to WealthTalk - Please Leave Us A Review!
Unknown Speaker 0:01
The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.
Christian Rodwell 0:20
Welcome to Episode 170 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And I'm joined today by our founder, Mr. Kevin Whelan. Hello, Kevin.
Unknown Speaker 0:29
Hello, Chris, I can't believe we're still going strong up to 170. The highest checkout and dad's by the way, not the 180 of the 360s. By the 2016 16. Ball, we're gonna go for the bullseye today. Because crumbs, there's a mess of information out there people being overwhelmed with it. The news continues to be a nightmare. But we're going to try and bring some tax principles into play today. The all pervasive tax taxes are great robber of all of our wealth. And taxes are always changing, Chris. So why don't we focus today on what is not changing, you know, the things that you can use now, even if the government continue to tinker with things as they always will do? What are some basic principles we can use? And I suppose also reflection of some of the things we're asking our debit, challengers to do, Chris, how's that going?
Christian Rodwell 1:25
It's going great. Yeah, we're in week five. So yeah, having so much fun in there, seeing some good saving seems some great shares inside the community. We're loving those live sessions that we're doing each week. And yeah, taxes. Well, we've heard about some new turns recently, but there's always ways to save tax aren't.
Unknown Speaker 1:45
Don't always ways. And the best way to be thinking just as a principle is to understand that the tax rules are there for you to maximise allowances, and reliefs, and lots of different ways that you can do that. And across all the wealth, building pillars, from property to pensions to investing, for having a property portfolio, being in business, creating IP and joint ventures, there are tax breaks everywhere. And the key thing is a message. I remember listening to Robert Kiyosaki at one point, which is that you know, you're in the end, you have to be an entrepreneur to be wealthy, we believe that entrepreneurial thinking and ideally, having a business so that you can, you can understand the tax differences between being an employee and being a business owner. But one of the key issues to recognise is, generally speaking, there are less tax breaks when you're employed. But when you're employed, you sort of earning your money. You pay your tax and your ni national insurance, you spend what's left. When you're in business, you pay, you earn your money. In other words, you turn over, you're then able to spend, and some of those things, you can enjoy your lifestyle. And then you pay tax on what's left. So is a fundamental relationship shift between being an employer or being in business, and being an employee working for somebody else split with you remember, I did a positioning a while ago saying you've got to know where you are in the wealth builder space, you need to know what your retail customer or in the retail space paying the highest premium getting the lowest value add to the wholesale space, where you're much more able to control your costs and increase in added value. And the creative space where you've got so many tax breaks and concessions, so many ways that you can offset things. And we'll talk about one of those a little bit later. That you can, you can pay tax a fraction that the retail employee is paying. So just think about those deposition, Chris, and think about the different pillars. As you kind of dive into my knowledge and bear in mind, of course, for the purposes of this, as we say, on all wealth, builders, podcasts, and everything we do with wealth builders, is you need to take independent tax financial legal advice before you make any fundamental changes with your money. So I'm going to give you my best in this summer's tax savvy person, but I'm not an accountant. I'm not trying to give tax advice and I won't be dispensing advice, just principles. Is that okay with you?
Christian Rodwell 4:34
I'm sure it's absolutely fine. Now we are we've been following and sharing with our Academy members, news and updates from the Adam Smith Institute for a while and there's a very interesting statistic, I guess we call it that comes out each year. Kevin, would you mind sharing a bit more about that? And obviously we can see if our listeners can guess what that date might be? all important.
Unknown Speaker 5:01
That'd be interesting. I think you've got the actual date. But the the Adam Smith Institute, that Adam Smith is a famous economist, you know, even older than me, long gone now. And he his, his kind of Institute creates something every year called Tax Freedom Day, which is essentially, when you take the average taxpayer that's across the board, you know, from lower taxes up to higher taxes across the board in the UK, how long does it take you? If you take each day in the year as you know, how long during the year do you end up finishing paying your taxes? So you start working for yourself? And that day is getting later? And later? And later? What do you reckon is this year? I wonder if people could guess, you know, how much of the year? Or how much of your week? Do you actually spend paying taxes? Across the board? You know, that's your income tax, your VAT, your National Insurance, levies and charges, all sorts of things council tax. What is that for the average person in the UK, and what they do think you start working for you, which means it's really really hard once you hear the day to build your wealth unless you smart, because you ain't got much of your year left.
Christian Rodwell 6:25
Alright, shall I reveal the day?
Unknown Speaker 6:28
What's the day this year, Chris,
Christian Rodwell 6:30
the eighth of June.
Unknown Speaker 6:33
That's scary, man. That's so scary, that you've got to work till the eighth of June, just to pay into the HMRC coffers. And only the rest of the year, you've got for your life. That's not just utility bills that are going up not just your you know, your petrol bills that are going up, not just everything that's going up, you've then got to have some, whatever's left after all that and mortgage interest rates, of course, which are on the up, when you add all those things on the up, how much have you actually got left in the year before genuinely, you can use that money to build wealth. And my contention is, it's not money that builds wealth, it's you, you've got to be creative, the resourcefulness of you, is much more important than the resources you've got left after the end of the year or the end of the month. And some people of course, we know Chris, are now beginning to run out a month before the money runs out. And that's a challenge. And as part of the reason we give so much information away for free to try and help people focus a little, so that they can make their life a bit easier. But for the majority, you know, they've got a month, sorted, they got some money leftover, then it's what you do with that money, how you maximise that money, but also how you maximise yourself. And that's a key consideration. And, uh, knowing a bit more about taxes is incredibly important for all of us. Not that you need to be an accountant not not that you need to be able to understand tax law inside and out. But to be able to take advantage of the opportunities to reduce that tax bill. So instead of being part of the 40%, you know, which is the part of the year to 40% of the year, you're you're in a position where you can pay less taxes, because you're a bit more aware, or you're tuning into people who can help you. And I'll do my best to give you some of those areas you might want to go and explore for yourself.
Christian Rodwell 8:39
Yeah, should we do that? Should we start to have a look at some of the areas and highlight these? And why don't we begin with tax free allowances? Kevin. So what are some of the allowances that people can tap into?
Unknown Speaker 8:52
Well, look, everybody's got a tax free allowance they can earn before they pay any tax at all. So you definitely want to make sure if it's possible, that if you've got a family, everybody in the family, that means kids as well, who are entitled to a tax free allowance, and let's just use approximate numbers, because we don't want to date ourselves by exact years. But you know, in the sort of 12 to 13,000 pound mark before you pay any taxes. So you want to be clear that are you using yours is your spouse using theirs? Are your children using theirs because everybody has got a tax free allowance before they pay any income tax at all. So often the skill here is being able to use ways this is income tax, that you can deflect some of the money by having a business engaging your spouse in the business. Having your kids employed in the business. There are some rules around that but all children have a tax free allowance from the day they're born. So you know if you've got kids who are gifted in music, gifted on stage, just gifted to be in a catalogue. You know what Have a if they're performing, they can they can earn, you know, best part of 1213 grand and, and all that money is completely tax free. So think about where you can use allowances between people in the family. And once you've started to use those allowances and most people do, of course, you got to be very mindful of where you get to sort of some key tax thresholds. Those tax thresholds can be scary, where the amount of tax you pay is more than you think. So there's definitely one where if you've got children, you know, where you run out, you get an income over a certain figure 50,000, give or take, you lose child care allowance or the child allowance can be aware of that and offset that. Is there a way that you could reduce your income a bit, if it was relevant there through something called salary sacrifice, if you're an employee, you could have a little bit more money paid into your pension, so that, you know you're you're earning a little bit less, you're building more, but you're keeping your child allowance. For those who are fortunate enough to earn more than 100,000. Once you get between 100 and 120, grand, you're losing your personal loans to for one. What that essentially means is, every penny you earn between 100 and 120, you're paying 60 P in the pound and tax. If you ask most people in a room, Chris, what's the highest rate of tax? Now know the market confused? Is it 40? Is it 45? We don't know Is there a U turn whatever they'll think is 45. But it isn't at 60 on that cusp, between 100 and 120. When you lose your personal allowance as a result of that. So the marginal tax is 60. And then you've got the 45 PII, personal income tax as well. So you've got to try and find ways where you know where you are. And then you know if there are any techniques and strategies that you could make use of other allowances, and of course, there's dividend allowances if your business got 2000, you can earn before you pay any dividends, so you can pay yourself in dividends. So normally, the investors you can earn more before you pay any taxes by using your income tax allowance, your dividend allowances, your spouse's allowance, your kids allowances, there's a whole raft of different things that you can do that will help you make use of all of those allowances that give you a head start.
Christian Rodwell 12:29
Yeah, yeah, really good. And where does National Insurance fit into this, Kevin?
Unknown Speaker 12:34
Well, you know, the National Insurance is a, it's, again, it's a tax. But if you're an if you're a business owner, you can earn more money before you pay that tax, you've also got the back that salary sacrifice point. If you're in business, and somebody comes to you and says, Hey, I would like you to pay me less, so that I can put more money into my pension, then there's no employers national insurance. So for you as an employer, that's good news. Unless, of course, you're benevolent. And the employee says, Hey, would you pay the national insurance that you were paying into my pension instead, so you can give someone a pay rise without actually costing you any more money?
Christian Rodwell 13:17
Now, obviously, in the UK, we're very lucky we have some certain tax free products available. I think most people probably familiar with ISIS, but perhaps not everybody is making the best use of them. And of course, there's lots of different types of ICER, perhaps people are not aware of. So shall we look at some of the tax free products that people could be using?
Unknown Speaker 13:37
So so we touched on, you know, getting things that are allowances, we'll probably also touch on Christians where you get tax back. So tax reliefs, but there are a number of things you can do in life in the pillars where whatever you do is tax free. So the growth, which is normally a capital gain, okay, so that growth, there's a capital gains allowance again, it's in that sort of 12 and a half 1000 Mark, and that's per person. And there are many opportunities where you can use something to create a capital gain and make use of that allowance, which isn't an income. And so few people take advantage of the capital gains tax allowance, which is an annual allowance from tax year to tax year. Now, one of the things of course, which is completely tax free, interesting for is your personal residence. Right. So whatever money you make on your home is tax free, which is quite nice. But what if you chose to say, Well, hey, I like the idea of doing property. But instead of doing a property for a business, I do my own property up. So I buy a property say it's derelict or needs a lot of work. I do the work right, and then I sell the property make all the gains All those gains tax free, we've got clients who do that, who are buying properties. And the money they make tax free money is on the difference between one property in the next and the next in the next. And they're continually making money. And it's a tax free money. Similarly, by the way, if you've got a property with good equity, now, of course, you've got to pay interest on these things. But if you've got a property that's worth a lot more money, or you've got an unencumbered property, and you want to take some of the money out of the property, then you can do so essentially tax free. So when you raise debt on your property, right, so you're raising money, so you got a property worth half a million, no mortgage on it, say, and you want to raise 100 grand, you can raise 100 grand, and all that money comes to you completely tax free. So you can use that to spend if you want, I mean, I'm not saying you should. But you can get a tax free income from your property and of course, is a massive growth in elder life mortgages, people over 55. And that's elderly, people like me, where you can tap into the equity. And you don't have to pay any interest back, you can roll that interest up, if you choose to pay it if you don't want to much more flexible, much more creative. So you can take money out for whatever purpose you want to and that could be to improve your lifestyle, because bills are going up and you want to give yourself a margin of error. So anybody over 55 could consider that. So you can see how it's even children can benefit older people can benefit business owners can benefit employees can benefit. Anyway, that's not even top ISIS. So let's talk about ISIS, Individual Savings Account Tax Free, different ways to do it, you know, 20,000 pound a year. And of course, you've got different styles of ICER, you've got the lifetime ICER or Lisa, which is between 18 and 40, you get a bit of a tax break on that government gives you a little Brucey bonus for being involved in that it's ideally for saving for your first home or retirement. So it's kind of like a pension, but without the tax relief, or kind of helped to buy that used to exist, but now doesn't exist, of course. So you've got that you've got innovative ICER, which allows you to invest money in things like crowdfunding. So things that are not the stock market, so you're diversifying, but still getting tax free returns. So you know, lots of ways that Eisah and we've definitely seen paint, no pension, but Eisah millionaires these days, those people have used their ICER allowance ruthlessly every single year, and have invested that money in different things. And there's there's countless numbers of Eisah millionaires now. So definitely worthwhile doing. And most people know that, just like most people know, Premium Bonds, you know, an interesting favourite of my family, not because we think Premium Bonds are any better than anything else, but they're tax free. They're a prize, you can have fun with a family. And if you've got surplus money, you've got your money allocated to your ICERs and your pension and everything else, then what's wrong with that, and certainly for younger people, giving gifts to premium bonds, and you can sit around your Alexa and on the second or third of the month. And you can see who's won. And there's a little bit of fun in there as well. So it's like playing the lottery, but getting your money back if you don't win. But why would you play the lottery, if you can buy a premium bond 25 quid. And if you don't win, you get your money back. I mean, it's crazy, really, to some interesting things that you can do, Chris, I mean, there's more if you want to probe further, but just give you a chance to interject. And maybe have my pause for breath.
Christian Rodwell 18:42
Yeah, I will. Maybe just a question, Kevin, if people are probably most familiar with cash, ISIS or stocks and shares ISIS, obviously when you know, the rate of inflation going crazy as it is now. So any comment on someone who's trying to build wealth in a cash ICER versus a stocks and shares ICER?
Unknown Speaker 19:02
Well, I'm gonna say that you don't really build wealth. Through ISIS, you know, you can store up the wealth you build because it's too slow. If you've got your money in cash, you can't get a big enough return on cash. It's a hedge. If you're nothing wrong with keeping money in cash for a period of time, nothing wrong with having money in cash for emergency funds. But you don't build wealth by having cash. You can't really build your wealth by having money in the stock market unless you've got a very, very, very long time to do it, which is why it's great for kids. And it's great if you're at the beginning, you know, to get into low cost funds, Tracker funds, index funds, ETFs or exchange traded funds, things where the costs are low. So just as important to pay attention to the tax is important to pay attention to the cost. And we must never excuse me that attacks tail wagging expensive dog. You'd never have a rubbish product just because it's tax free. And we've seen lots of people do that, and buy really spicy investments just because they're getting a tax break. And that gets a little bit more sophisticated. Chris, when we're getting into the sort of the higher, more complex instruments like EISs, and VCTs, and, and things like that, which if you want me to touch on, I can, but we'll be covering that in the debit challenge when we serve. People want to know a little bit more about that, getting tax refund 30% not a bad thing. But you will still want to make sure it's a good investment. But ice is good to use. But definitely not a way to build your wealth. You build your wealth by adding value, something you could do in an ICER today that says I'm going to do something today to improve the value of my Eisah. You can't. So nothing wrong with having them. But definitely not a wealth builder. It's a wealth, diversify, in my view.
Christian Rodwell 20:53
Okay, thanks for your comments on that. Right. So remaining on the theme of tax. What about tax in the home? Kevin, there's a few different ways that people can look at that and rent a room, for example.
Unknown Speaker 21:08
Yeah, well, that's seven and a half grand tax free. Not saying that everybody should do that. Of course not. But you know, if you've got one of the things you can easily do, and something I'll be doing some moving house and one of the things I'll be doing in moving houses, rebuilding the garage and putting accommodation above it, not because I need to rent out the space, but I could write and get seven and a half grand completely tax free, or you have to declare it, you know, so there's things you can do in your home. I've mentioned already the fact you can tap into the equity and you can, you can create value in the property and get a tax free income from it. But you can also rent a room. Lots of ways that your home can bring you the capacity to be able to create income but tax free. They're the ways to do that.
Christian Rodwell 21:56
And we shared something called form 17. What's that relate to?
Unknown Speaker 22:01
Yeah, well, there's a this is more about not the home you live in. Chris but the the home that you bought as a, let's say rental property. Now in those people have listened to us in the past plus, well, no, we talk about the roof. The roof is how you protect your family, through Wills, Trusts powers of attorney, but also quite critically, how do you own your home. And we suggest people consider owning their home or homes they own right or properties as tenants in common, not joint tenants. So joint tenancy is when you own it together, 5050, let's say husband and wife, very common, very typical, pretty much all lawyers do it that way. But there's a very specific reason why if you own property in your own name, now, I'm not going to talk about when you should incorporate property that's beyond the scope of the podcast, and other people have got expertise in that area. But if you do home own property, with a, say husband and wife, for example, if you own it as tenants in common, so you can own and choose the percentage of the property, you want to declare, for the purposes of the income. You can say, hey, I want to own this property is 99% of my wife's name, and 1% in my name, says that the income becomes taxable, my wife's name, not in my name. And you do that through something known as form 17. Very, lots of things in tax are curious, titles, curious names, curious forms. But there's a good one, check out form 17. And if you've got property and John name for somebody, see if you could reduce your taxes by reallocating both the income and the capital in a different way to allow you to pay less tax, which is what it's all about.
Christian Rodwell 23:59
And there's so many more. I mean, we're touching on a lot of points here, Kevin, but there's many more obviously, we've mentioned we share in our debits challenge, but I'll give you a second to grab a sip of water or catch your breath and head over to Trustpilot because we've had more reviews in the last seven days. And I'm going to pull one out from one of our very valued members who Mr. Fernando I will refer to him as and Mr. Fernando says I have been with wealth builders now for three months and really enjoying the content, the camaraderie and encouragement in progressing our goals. There is a real structure and process to follow led by people with integrity, who want all round Success for All and exciting few years ahead on this journey and I know it won't be a lonely one.
Unknown Speaker 24:48
Interesting so that's that's good and you know from a tax thing. Can you hear the drums Fernando that's an interesting one because a lot of taxes a bit dry Chris That's good, good, good on, good on him for making a review. And we're very pleased and proud to have him as a community member. And of course, if you love what we're doing, and I bump into a lot of people, and they say, I really enjoy following you on the podcast, and I said, Well, why haven't you left me a review? So if you're liking the podcast, just let other people know you're liking it, because then people who follow you will follow us. And that means we're getting more people on track to becoming financially independent. And we're happy to do that. 170 episodes increase, we are committed to the cause.
Christian Rodwell 25:35
Absolutely. And we know we get 10,000 plus downloads a month, which we're so grateful for across over 100 Different countries that have been downloaded in. And I'll tell you what, Kevin, we're on 191 Trustpilot reviews, do you think there's nine people listening? Who in the next couple of weeks might find a minute or two to go and leave us a review and say how much they've been enjoying the podcast? You know,
Unknown Speaker 25:59
what, there's a there's a brilliant book, and we'll be probably just re interviewing this guy guy called downhill Corp comm accredits right. It's just a great, a great thing. And it's about doing good things. Not for self gain. But because you're self less, do selfless favour to me. If you're liking if you listen to the podcast, you got any value at all, or you just believe I'm trying to give you value? Could you be one of the nine people who get us to 200 by the end of October? Come on, do me a favour, just jump on to a Trustpilot review. And let us get up to 200 then we'll keep ahead of ourselves in our podcast, right? So we want to get to 200 Before we get to 200 episodes. So we should do that by the end of the month. Chris?
Christian Rodwell 26:47
Yeah. And it's dead easy. You can just go to wealth builders.co.uk forward slash reviews, you'll see a Trustpilot logo, just click that that'll take you straight to the page where you can just put a review. And yeah, we would absolutely love that. And of course, we will give you a shout out in the coming weeks as well. So okay, we talked about children earlier, Kevin, but tax for kids. There's obviously a junior ISO as well. We didn't mention that one. I don't think and junior pension.
Unknown Speaker 27:13
Yeah. Well, look, there's there's things for kids that you can do anyway. But the principle I would say is don't do products for kids, don't just do things for them, do things with them, get kids are sponges, we know that they follow you even if you're not watching. So the more that you can bring money, as a discussion point into the household, to be open and transparent. And to want to involve them not necessarily in fine detail, not necessarily in where you are financially, you know, in actuality, but but share things that you can do with them. So, for example, the fun thing there with the Premium Bonds is getting them involved getting them excited in a way you could open accounts for them. You know, there's so many different accounts these days, we won't signposts any particular names, but where you control the account, but the children are getting used to allocating money in different things, whether it's saving, spending, giving, you know, you can create little accounts for them. So they get used to purposes of money. And then with the giving, you can encourage them to be gifting or giving that money to other people. So they become sharers. And then that's kind of karma, again, coming, coming back to them. So all very interesting things. But if you want to build money for them, other than the Premium Bonds, ISIS can be used for kids, you can take them out, they get them when they're 18. They take control. So you definitely want to build their knowledge and wisdom over time. You can also take out a pension, kids can get tax relief, right. So even though they don't pay tax, most kids don't pay tax, but kids can get tax relief, if you open a pension scheme for them. Because remember, I said to you, the stock market won't work to build your wealth unless you got loads of time. How long do you need 30 years plus probably, certainly 25 years. Plus, if you've got somebody who's too, and you're a granddad, or a grandma, you know, you could put a bit of money into a pension scheme for a youngster. By the time they're in their 50s and be pension millionaires, that'd be set. So you can do that. And you can pay three six, gross 3600. That's 280 I think net. So anything between naught and 2800, you can put in and the government gives money on top. So instead of being a taxpayer, you kids, being net receiver have a tax payment way before they're ever paying taxes personally. So that's a smart move. So lots of things like that. You can do Within for your children, but I emphasise the with
Christian Rodwell 30:03
sounds like they might have some children or grandchildren in the background there as well. That was my
Unknown Speaker 30:08
grandson in the background. That's that's Finley. And yeah, so we'll you know, we'll talk about Finley on another day.
Christian Rodwell 30:16
Well, look, we've covered a lot already. I think we should round things off shortly. But you did mention EIS. So anyone who was listening who wants to understand about that, maybe we should touch on that just briefly.
Unknown Speaker 30:26
Yeah, so EIS enterprise investment schemes is designed, so introduced the government really to try and help really encourage small businesses to grow by getting access to capital. So the enterprise investment scheme gives you a 30% tax break on your income. Right. So it's not a bad thing. If you choose a good investment, you've got to hold it for a certain period of time, three years, once you've held it for that period of time, then any gains you make are entirely free of tax. He's been encouraged to scream a bit now as they normally normally Chris, in my house, I get interrupted by a Howling Dog or a howling wife. I've never had a howling, howling grandson, somebody's teaching them how to scream. This is a time when we're doing a podcast
Christian Rodwell 31:11
once a 15 minute time,
Unknown Speaker 31:14
saying, you know, I said earlier on, if your kids can perform, they can they can earn money tax freeze is basically saying, granddad, I'm performing now will you pay me some money, and I'll get that to three. By the way, the money's got to go to kids, if you keep the money, you can only ever only make 100 pounds, before the tax is actually applied to your own personal tax. So you've got to be very careful. You can't pretend to put things in kids names, you've got to do it. Oh, II is right. So enterprise investment schemes. VCTs. Similar thing, venture capital trusts use a tax break complex areas, you need to be probably high net worth or sophisticated to really get into the details of that I would suggest, and anybody who wants to do that, get in touch with us. And we can we can help you understand those things through our through our partners, we don't obviously give advice to anybody on anything that's bespoken unique to you. But for some people, you know, they can be they can be right on the money. And of course, the biggest tax relief and tax benefit of all Chris is the is the pension and we hear a lot on wealth builders, the SAS pension was small self administered scheme, which allows you to put more money in than any other pension. I won't go into the details of that. But most pensions, you can only put in certain amount. With the SAS you can put in up to half a million in one year and get all the tax back in the same year, if you're a business. So successful business owners. That's an interesting one, of course, that's not gonna apply to everybody. But the real benefit of of the suspension, and all other pensions too, in reality is there's no income tax corporation tax capital gains tax or inheritance tax on pensions. The benefit of SAS, of course, is not just the additional relief, but the wider range of investment you can make. If it's right for you, and you're a business owner, if not other pensions can work just as well can have a child in a SAS, they've got to be 18. Because you have to be a trustee and you can't be a trustee till you're 18. But these are all kind of a whistlestop tour around some various things around tax. But the point is, whether they apply to you or not, or you know them or not, find somebody you can trust, who can help you understand where the tax breaks can come in your direction, and either introduce you as we would two experts if what you need is complexity. If what you can deal with is the simplicity of basic principles, then we can help you understand those things.
Christian Rodwell 33:48
Yeah, well, I'd like to hope there's at least one thing for everyone listening, shared today that they can take action on. And if we can help you reach out to us easy to get in touch, send an email to Hello at wealth builders.co.uk or book a discovery call. We'll we'll have a short chat on the phone, wealth builders.co.uk forward slash discovery call and lots of free information alongside the podcast inside our free membership area. So if you're not already a member, do head to wealth builders.co.uk forward slash membership?
Unknown Speaker 34:23
Yeah, just a quick Signposts on a few things, Chris, that are very common questions I'm getting these days. You know, what's the difference between the SAS and a family investment company? For example? Should I have a family Investment Company? What's What does that mean? What is how does that work? These are good questions. I've got a portfolio property. I mentioned that earlier on whether you have them in your big names and your joint names or as tenants in common. Should I incorporate Should I put that into a company now again, these are areas that the partners that we work have got expertise in that area, and we can invite them into webinars so that you get access to that general information, completely free of charge, you know, as part of being in our membership, and those who offer consultation calls will more often than not, for wealth builder clients, those initial consultations, where you can get most of the answers are completely free of charge. So there you go a little little shout out because tax is the biggest drain on all of us for our wealth building. So being tech savvy, is a critical skill to have. If you're a serious wealth builder, and you want to be financially independent, because that tax is going to apply forever. So being tax smart, really important.
Christian Rodwell 35:41
Yep. Really good. Okay. Go now, leave us a review. Let's see if we can hit those nine. And we will be back here same time, same place next week, Kevin.
Unknown Speaker 35:53
We will Chris and until then my friend Sia.
Unknown Speaker 35:58
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside a wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk/membership right now for free access. That's wealth builders.co.uk/membership
Transcribed by https://otter.ai