#Thread #Tax #1 You need to pay tax: you have no choice. For normal people, there are 3 main different types of tax that you need to keep in mind:
1. Income tax
2. CGT - Capital gains tax
3. Dividends tax.
#2 Income tax is any income that you make. You can deduct certain things from this, like e.g. if you work online like emails and coding, then you can deduct costs such as your laptop, internet etc from your income.
#3 Capital Gains Tax (CGT) - This is paid when you sell an investment that you've kept for a few years.
#4 Dividends tax - When a company makes a profit and they decide to share this profit with you, it's called dividends.
#5 Tax breaks are there to help you pay even less tax.
Some of these include Section 13 SEX, which is for 5> new or unused properties and FLISP, for lower-income households.
Make sure you understand the ins and outs of the tax break!
#6 In a nutshell, you will need to pay tax - some way or another. You can minimise your tax that you need to pay by getting good tax advice, but don't do illegal things like not paying taxes that you're due to pay!
#End
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