Tax Loophole
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[00:00:00] Did you know that you could earn a hundred thousand pound a year as a property investor and pay zero tax on it? My name's Russell Leeds. And I'm Anna Leeds. And, this week we're gonna be discussing the tax loopholes and tax efficient ways that you can invest in property. Now, I dunno about you, but we've probably seen in the news recently, every, all the millionaires, everyone that's in this country is leaving.

Where are they going? Dubai. Dubai. They're all, oh, Monaco, maybe. Monaco. Dubai. Dubai. I seems to be the hot spot though. It is. I think that's hot topic at the moment, isn't it? Yeah. Everyone's leaving for Dubai. Everyone's going to Dubai and the reason they're going to Dubai is because of the tax. Basically it's zero tax.

Yeah. Now, I'm not gonna sit here and pretend that in the UK you can do the same as what you can in Dubai. 'cause you can't. Dubai is amazing. You can go and earn of money completely tax free. We even considered, didn't we? Yes. We even considered moving to Dubai ourselves. The problem for us is we've got our family here, we've got our life is here, and while I do like Dubai and I enjoyed going on [00:01:00] holiday there.

I dunno if I'd wanna uproot everything to move there. Yeah. And you can't, how, how often can you come back? Is it three weeks For the whole year? Yeah. When you first go. So it gets, it gets progressively more, but when you fir I think it's literally like, I have to look it up. , but to start it for the first year, I think it's like 13 days or something.

Yeah. For the first year, you really have to commit to going over there fully. Yeah. So unless you're gonna move to Dubai with all your family. And friends are, it is a bit too big a jump for us, isn't it? It is, but I can see why it's very tempting for people. Oh, and the lifestyle over there. Oh yeah. It is incredible.

It's a bit hot though, I've gotta say. I dunno if I could cope with their summers. Yeah. Their heat. Especially like we were, we were chatting to people when we went over there, uh, last November. Obviously it's a lot cooler in November. Yeah. Which is the time to go, by the way, if you are planning on a holiday to Dubai, I would go November, not in the summer, and they were saying they have to respray their cars every year.

'cause it gets so hot. The paint melts. Yeah. That's crazy, isn't it? Can you [00:02:00] imagine that? Yeah. That's too hot for me. It's ridiculous. It is. It is hot. It is hot. However, while moving to Dubai, Monica might be the most tax efficient way to make money in property. There are still loads of ways that you can make a lot of money and you can save a lot of money on tax with tax loopholes that perfectly legal here in the uk.

And we're gonna go through some of them right now. So why don't we kick things off? This is one of my favorite ways. To make tax free money here in the uk, you can do this right now. Uh, it's particularly good if you're doing like a BRR type strategy. Yes. But it works even if you're just holding property for the long term.

So, lemme give an example. Let's say I bought a property for 200,000 pound, I didn't do anything clever. I didn't do a BRR, I literally just kept it. Yep. So I bought for 200 grand, just kept it five years later. It was now worth 300 grand. Yep. Very possible. Very, yeah. Feasible. Very, very, that. That's the sort of thing that would happen right now.

I've got an option now. If I wanna get my money out, I could sell [00:03:00] it now. If I sell it and I make a hundred grand profit, I. Do I pay tax on that a hundred grand, yes or no? Yes. Yes you do. Now, depending on how you've bought it, you'd either pay capital gains tax. So if you bought it in your personal name, you pay capital gains tax.

And the rates on those right now is 24%. 24%. It's just gone up. It used to be 18. It's got up to 24% thank you Labour. Um, so it's gone up to 24%. So if I made a hundred grand, I might pay 24% tax. Let's very quickly work that out. So a hundred grand profit. I am paying 24%. I dunno why I'm using a calculator for this, because I know the answer already.

24 grand, right? Wow. It's nice, nice easy sums there. Quick, quick math. Uh, so I'm paying 24 grand in tax. Now the other option is I own the property is my company. Yeah. Now, if I aint my company, I don't pay capital gains tax. I pay Corporation tax. Corporation tax, which is. 25%. 25%. Very similar. Okay. It's gone up again.

It used to be [00:04:00] 19%. Remember the good old days? Yeah. When Corp Tax is 19. Think it was 20. Now it's 25% to pay for. Ah. Dubai's looking more and more appealing as we go. You can see why hundreds of millionaires are leaving. So I need calculate for this 'cause my math is just bang too bang, bang, bang, quick. Right?

25% of a hundred grand is. No, it's two 25,025 grand. Right. So I paid 25 grand, but now I've still got the money trapped in my company. Yeah. Right. So yes, I've paid 25 grand in tax corporation tax, but if I actually wanna get that money myself, I'm gonna have to take it out as a dividend or a salary. Yeah. So I'm gonna have to.

Pay even more money, which is a nightmare. You could reinvest it for your company if you didn't wanna bring that yourself. But if I want to live off that money, yeah, I now need to pay income tax. And then depends on your rates. But you could literally, if you're a 40% taxpayer and you take it as salary, so you've, you've got 75 grand left in.

If I'm taking that as as salary out the company, I mean, I could be paid 30 grand more in tax. Yeah. It's crazy, isn't it? So it's like half of it's gone straight [00:05:00] away. Yeah. Which is ridiculous, right? So you wanna avoid this. So what you do instead is rather than selling the property, you refinance the property.

So you get a new mortgage on your property. Now let's say, well you bought it for 200. Typically what, uh, you put down 25% Yeah. Deposit on a buy flat property, 25%. And so if for a 200,000 pound property you'd put down 50 grand. Yeah. So you've got a 50 grand state right there. And 150 grand of it would be mortgage.

Yeah. Right. So let's assume this was an interest only mortgage. I'd still have 150 grand sitting on the mortgage. So the property is now worth 300 grand, right? Yep. So what they would do is they'd gimme a new mortgage at 75%. So 0.75. So they give me a new mortgage for 225 grand, but the first thing we'd have to do is pay off my 150 grand mortgage that was already there.

Okay. So what would actually happen is I'd get 75 grand. Yep. In [00:06:00] cash after the refinance. Yeah. Does that makes sense? But guess how much tax, tax power at 70 grand, 75 grand. Nothing. Yeah. That's brilliant, isn't it? So 75 grand. , but tax free. Tax free. And the reason is, is because technically , it's debt. Yeah. Technically you're getting a loan against your property. You don't pay tax on debt. Yeah. Right. So refinancing your property. Now think about if you had like 10 properties.

Every time they go up in value, you just pull the money out. Pull the money out. You could keep pulling out money all the time. Yep. Right, because they're going up in value all the time. So you could continually pulling money out. This could literally fund your lifestyle. If you just pulled out 75 grand, a hundred grand, what would you spend it on right now Anna Leeds go?

Uh oh. I dunno. I'd probably, you'd find a way. I know that I would, but I probably would reinvest it. Probably reinvest it. Yeah. I would, yeah. Do some more rss. Yeah. It's the way to go really isn't it? Is the way to go and then you've got more properties that are going to Yeah, I agree. I would probably reinvest it as well.

I thought you were gonna say something [00:07:00] stupid like a yacht. It, it was between that and a travel the world, but travel the world. I went with travel to Dubai and then go, why don't I just live here and get to lose all time tax free? It doesn't make any sense. Alright, so there you go. That's the first thing.

So this is my, one of my favorite ways, uh, to pull money out tax free. You can do this again and again and again. Now the other thing you wanna be doing is you wanna be looking at smart ways, making sure that you're claiming all the costs. If you're spending stuff anyway, you might as well be claiming it back off your tax bill, right?

Oh yeah, definitely. This your rental income and things like that. So what do you, give us a couple of examples of some of the stuff that you can claim back. Repairs and maintenance on your properties? Yeah, you can claim back. So you can detect, you can deduct repair costs. Um, so for example, if you, if your boiler breaks Yeah, right.

You can claim that back. You can't do things like add an extension. And claim that back as that acceptable expense. But until you, until you sell it. Uh, but yeah, repair costs and maintenance costs that you're going as and when, [00:08:00] that's a great way. So to make sure you keep a track of it. 'cause it's so easy, isn't it?

Just to pay it and then not remember. Yeah. Oh yeah. I think you have to be really on top of it. I think otherwise, yeah, you just forget. And then when it comes to trying to then climb back, it's all over the place. You can't remember. I, I mean, we are quite good and even sometimes I see payments go out and think, oh, I just dunno.

What about costs to do with your actual mortgage? There's a couple I can think of that you might need to be paying back. Um, arrangement fees. Yeah. So when you, when you get a new mortgage, what you're gonna do is you're gonna pay a mortgage broker to arrange that, , for you.

Now the arrangement fees, you know, can add up over the term if you are, especially if you're refinancing it. All those arrangement fees, you can claim those back as a tax deductible it expense. Um, and I think these ones we're going through now, it's like each , individual one, you might think really easy, even worth it.

It's a little bit here, a little bit there, but it's putting all these together. [00:09:00] Mm. That suddenly make it Oh no. It is worthwhile because actually overall, oh, it adds up. Yeah. Oh, massively adds up. So I think, yeah, taking one and going, really? A boiler a pair. I mean, how much is that gonna save me? Really?

But I think you need to do them all. And then you notice the difference. Yeah. Yeah. Another big one, talking about mortgages. Now this is only applies if you own the property in a limited company. This is like the age old question. You hear this all the time? Yeah. Should you buy an limited company? Should you buying a personal name?

There's, there's pros and cons. There's pros and cons to both. So if you buy in your personal name, the first pro is it might be a very ta, tax efficient way of buying and selling property. What a lot of people do, uh, Darren and Ella did this on winners on a Wednesday, right? Yep. So what they'll do is they'll buy a property, run down property.

Josh and Lean did this as well. Buy a property, run down property, live in it, do it up. Then they will sell the property and they'll be thinking, hold on a second, if you, then you've gotta pay tax on the money that you sold. If it's your personal home, you don't, yeah. Okay. So what they'll do [00:10:00] is they buy a crap property, renovate it, sell it, no tax, use that money to buy another property, and then do it again.

Yeah. And then do it again. And people will go and they'll move house every year, buying properties, renovating them while they live in them. So basically Leah and Elliot did that as well. Lee and Elliot did that. Loads of people on our academy are doing that. So what they're doing is they came basic, getting free accommodation.

Yeah. You are living in a bit of a builder site. Yeah. It wouldn't be for me. Would it not? No. Would you w why not? I love renovation, but don't like living in the mess. Maybe it's, uh, pre-kids. I probably would've. What about post kids? Both kids, post kids IE both kids, kids have moved out. Not that they've become little postman.

I, I, I might consider it too. I think for me, having kids all that mess don't tread in that don't, uh, it's too much. Even just thinking about it. I got flustered. Got flustered. Just think, yeah. The living in chaos, what have you had a slight crossover. Where you [00:11:00] like, I mean obviously if you need the cash to do your next one, what about if you sort of had a slight crossover?

'cause you've got three years to claim it back if you move house, so let's say you brought another one to live in. Yeah. The bulk of the, the, the, the hair in new kitchen, for example, the heavy 'cause that has the big one, isn't it? If you've got a kitchen, if you are renovating, say the lounge, but there's a kitchen diner, who cares if you're renovating one of the bedrooms, the other bedrooms are okay, who cares?

It's only really the kitchen that's the room that I think you totally missed out on. The kitchen is a big one, a no kitchen, but I just think that hecticness of the house being chaos and I'd do it once to get my dream house. But you wouldn't wanna keep going from house to house to, well, if it was your job though, if it was like, that's my job to go from house.

Yeah. And I suppose, and I get it and it does work and it's great. You've got free accommodation, saving tax, you're making money paying no tax. Yeah, but I just, for me it would be, and 'cause you're buying it as your personal home, everything's cheaper. The stamp duty's cheaper. You get a better mortgage depending on what state you're buying.

Yeah. It is a great [00:12:00] way to do it. But no, it would not. It wouldn't be, not be for you. It wouldn't be for me. Alright, so that's buying it in your personal name, which is great if you buy it for a limited company, not your personal name. You have to normally pay. Uh, high higher mortgage interest rates. Yeah.

Which is a bit of a pain. Um, that's one of the major disadvantages. And obviously as well, you're definitely buying as buy to let properties. You can't take advantage of this sort of scheme. Yeah. Right. Yeah. It's not like you're buying it as your home. It's like, no, this is a buy-to-let property. However, one of the pros is even though you pay slightly more when you're in in mortgage interest rates, you can claim back.

The mortgage interest rate's fully deductible as a tax deductible expense. So if you've got a tenant, um, and they're paying a grand and your mortgage interest is 500 quid, you can claim that 500 quid back off the thousand pound. Okay? 'cause if you buy your personal name, you can't, you can, there is a small amount in claim back, but it's nowhere near as good as you can if you're only for a limited company.

So there's pros and cons. You gotta wait it when you're buying. But mortgage interest rates a hundred [00:13:00] percent. And then on your mortgage as well, your arrangement, fees, repairs, and maintenance. We talked about salaries is another one. Salaries. Now I've got a couple of cool salary tips for you. Okay. Got some exciting salary tips.

So let's say me and you own a property company, the first thing is and And it made a hundred thousand pound. Yep. Right. Immediately we can knock off. 12,570 for me. Would you give me a salary, which is my personal allowance. So the company won't pay any tax. I personally won't pay any tax. Yeah. And the same for me.

And the same for you. 12,570 for you. Yep. Which is awesome. However, while that's really cool, here's a hot little tip that you can do on top if you've got kids. Oh yeah, I love this. You can also pay them their salary. Now. I do believe the kids have gotta be like 13. I was about to ask that. Is there an age limit on that?

Like, oh, I've just had a baby. Yeah, I'm paying the baby. You've gotta be able to prove it's genuine work. Okay, so you couldn't say, I've got a baby, they're doing my social media. For me, it's like really? You'd [00:14:00] actually want the kids to be doing something. But I actually think this is brilliant for two reasons.

Number one, I think it's brilliant because you're training your kids to work. Yeah. Which I think is great. But number two, if you could pay them 12,000 to 570 quid as well. Then that's all tax free. Yeah. I love that. I first saw, um, grant Cardone do that. Yeah. And he said he pays both his daughters to be in his company.

And I thought that's brilliant on, so like you say, on so many levels, not just to save on tax. The other thing is you're gonna spend that money on them anyway. Yeah. Right. So it is not like, oh, well now I've, I'm losing the money. It's going to the kid. It's like, no. Now the kid can pay for their own clothes.

Yeah. They can pay for their own shoes. You, you're teaching your children to budget as well? Yeah. Our kids are a tiny bit too young, but the second that I think, I dunno if it's 12 or 13. I'll keep an eye, I'll keep an eye on it. But the second that they are of age to work, yeah, they'll be working for us. Oh yeah.

And you know what? They'll love it too. They'll absolutely love it, won't they? Oh yeah. And if you had four kids, if you had, sorry. If you had two kids, which is very normal, are you [00:15:00] tempted to have more children now? Just for this? Yeah, just it's not worth it overall. No. It's still or no? Well save us on tact, but not that much tact.

I thought I was gonna get you there on a tax. But it deduction. Yeah. Yeah. I've got 20 kids now. I literally don't pay any tax, but I do have to live in a hundred bedroom house. Uh, if you had two kids though, so there's us two, two kids, that's 50 grand of your a hundred grand bang. Gone without even worrying about the mortgage interest, the arrangement fees, the repairs and maintenance, all the other stuff that you are gonna pay.

Yeah. You claim back as well. It's not gonna be very long until your a hundred grand is all used up. Yep. Right. You've also got dividend allowance, so alongside your salaries so you can claim a small amount is is quite small now. I think it's like a couple of grand, two grand or something. Okay. So yeah, not much, but tax.

Yeah, as well, which is really useful. But again, all adds up. It does, it does all add up. Alright, there's, I've got another one. Go on. Um, 'cause we used to definitely use this back in the day, home office expenses. And I think [00:16:00] this is even better these days because everyone works from home, don't they? They, yeah.

Back in the day it was like most people went into an office, but nowadays. Everyone works from home. So everyone needs a home office. Yep. So you can sort of claim a, a proportion of your household bills for office use. So you gas, electricity, the, the proportion, I think it's the size of your office versus the rest of the house.

Yeah. That percentage you can claim back. Uh, I think you can do it on a flat rate or use it as a proportion of your household bills. And I think usually the flat rate is not. Amazing. I think it's like 300 quid a year. Yeah, something like that. You'll probably get a lot more if you actually work it out properly.

But yeah, home office expenses, uh, and obviously anything to do with the office. Your computers. Your phones. Yeah. All go through the business. All stuff that you would spend anyway. No, no one's not gonna have a phone. No. But it's a genuine business expense. Um, what about if you're letting, you know, let agent fees.

Yes. Letting agent fees, letting agent fees all [00:17:00] tax deductible. So if you are spending, I dunno, one and a half grand a year, uh, paying your letting agent, all of that comes off your profits. Totally. Tax deductible. What about travel costs? Travel costs is a good one. Travel costs are a really good one. So you can deduct any travel, um, expenses going to property viewings.

Yep. Going to networking events. Yeah. This is great for property investors. Yeah. Going up and down the country. I mean, we were talking to Jeremy, weren't we a few weeks ago, um, on the podcast and the amount of miles he used to do back in the day. Yeah. Doing property viewings, all of that. Yeah. Tax deductible.

And if you are going, like for example, we, we recently did a, uh, a business retreat and we did it in France. Yeah, so we had to travel there. Well, that's tax deductible that in 'cause I didn't go, I'm just rubbing it in. Yeah, I'm just on your business trip. My business trip leave. Come on. Thanks. That was great.

Got to go all the way to France. Sunny France. Snowing actually, but France. Anyway. Very nice but nice And tax deductible. Nice. And tax deductible. So yeah, you travel costs, um, I mean, [00:18:00] you don't need to, you don't need to pay go on holidays anymore. Just we, we've literally, okay, we'll talk about France. Fine. I had a business meeting yesterday in the peak district.

Yeah, right. So, uh, and obviously you had to come as my PA obviously, obviously. So we got to go up to the peak district a couple of days there. Do my business meeting. Yeah. All the hotels, the travel, all tax deduct actually a very productive meeting. Yeah. No, and it was, and, and like you work together, you, you can't just.

You have to be slightly careful I feel on these things to not absolutely take the making. The making, because I think they do cotton on. If they think, oh wow, I travel the world. Yeah. To go and do property viewings. And I think you've kind of got to have back it up to a point you can't. And the thing is you don't want to get like eyes upon you do, so you wanna do it within.

Reasonable limits of how many business meetings all over the world would you actually go to. Yeah. It's gotta be reasonable if you've got two properties in [00:19:00] Litchfield. Yeah. And it's like, well what exactly are you doing over in Australia all the time? Then like, so I think you've got, but I think at the same time, there's loads of other ways, especially with travel.

So moving on to the next point. Another tax deductible expense is training, getting yourself trained. Now this you can also use with travel, going to training courses. Now these, you can do all over the world. Yeah, just the key as well for training, 'cause training, um, so for example, people that sign up for our academy.

Yes. Right. That is a tax deductible expense. Yep. So, um, it's a year of mentorship, training, events, uh, one-on-one mentoring, coaching, networking, all that sort of stuff. Right. It's 11 9, 9 5. But one, if you put that as tax, tax deductible expense, it probably works out more like, I don't know, eight grand. Yeah.

Right. Because it's the amount of money that you save. Yeah. Um, doing it like that. Oh yeah. The only thing I would say is the very first training that you do, so let's say you don't [00:20:00] run a property business and you go, right, I wanna start a property business and I need to get trained. The very first training that you do.

Isn't tax deductible. I did know that, but what's the, I'm not sure what the logic is behind that. Why is that the case? So the logic is, if you look at the examples on HMRC website, they'll say for like, let's say, let's say I ran a window cleaning business and I was like, do you know what I wanna do? I wanna start a taxi business, but I don't even have a driving.

No, that might be a bad example. Um, because I dunno how, what training you'd need for that. Okay. But say you just suddenly thought, I wanna be an accountant. I wanna be an accountant. Yeah. So the tr first sort of training you did to become an accountant. Wouldn't be tax deductible. 'cause what they're saying is that's almost your startup cost.

That's getting yourself ready. What is tax deductible is once you've done your first training, you're right, I'm ready now. Anything that en enhances your knowledge Ah, okay. Is tax deductible, but it's not the beginning thing. So a lot of people, we do a crash course for a pound. Yeah. So that's the beginning thing.

You, if you come on the crash course, I'll put a link, by the way, in the bio, would love to come along. Full day of [00:21:00] training. It's your first lot of training. You can't claim that back as a tax deductible expense if you've not done any other training. 'cause that's your entry level training. Yeah, but it's a pound.

You're probably losing 20 P after that. Anything on top you then can claim. Yes. So if you then go on to do further training, for example, we do a four day bundle where you can learn all that service accommodation, rent to rent H HMOs. That's, that's 1, 9, 9, 5. If you come along to that after the crash course.

'cause it's now additional training. Yeah. You're okay. Yes. So that now would then work out at like 1,300 or something. 'cause you're claiming it back. Yeah. And are they not bothered about that? Now you've explained so that basically because they think you're gonna do your main lot of training at first, get qualified to then additional training.

Do they not? Check into that and, and look at, as long as you can show that you've done a previous training, you're okay. Then you're, you are, you're good. You're okay. Yeah. Yeah. So you can claim that back as a tax deductible expense. That's brilliant then. 'cause I think you always want to be, even when you feel like, you know, you know a lot about a subject.

Sub like property, [00:22:00] it changes all the time. There's kind of no end to the amount you can learn and the training. Oh yeah. And even personal development courses. So I think to be able to claim that back as tax deductible, I think. 'cause also it's amazing. It's investing in yourself and you wanna be a student.

I wanna be a student for life. I wasn't wanna be learning stuff, improving myself, getting better and as well. If you're doing training all over the place, it's quite fun. Yeah. If you go into, like, we went to Grant, we did some training with Grant Cardone in Miami. We get to go out to Miami, meet Grant Cardone.

It's, it's all tax deductible. Yeah. All the food, the hotels, the travel, everything. Yeah, it's brilliant. It's so, it is. Yeah. We've been all, all, well, I'm saying traveling the world. We have been all over the world moving to Amsterdam, been to India, Spain, been to America, Spain. Sp all training courses we really should look into one in Australia, shouldn't we?

A training course in We should. Yeah, we should. Training course. Anyone's got any recommendations for a good training course in Australia. That would be a, that would be, that'd be nice. Yeah. Training courses abroad. Let us, let us know. Let us know. Uh, tell you one of a big one as well. Uh, and this [00:23:00] is if you're earning a lot more money, right?

So if you're like, you know what, let's say, let's say you're earning a hundred grand. You've put 50 grand on yourself and your kids. You spent 10 grand, for example, on trainings, you've got like 40 grand left. Yep. You know, ah, I'm gonna pay tax on this 40 grand. What you can do is you can just whack it into your pension.

So I'm not talking like a workplace pension or a, you know, government scheme pension. I'm talking about a SAP or a sis. A sip. Sorry, not a sis. I dunno what sis is a sis a sa or a sip, which is like a, you manage the pension yourself. Right. So you can put up to 60 grand a year tax free into this. What does that mean?

Let's say, let's say you had 40 grand left over and you're like, right, I'm gonna put 40 grand into my, into my pension. You would then, wouldn't, wouldn't then pay any tax on that 40 grand, but when you eventually took the money out, I think it's up to a million quids. You can pull out tax free as well. So if you put 40 grand a year in right, over, let's say 40 grand.

So I'm 34 now. Are you gonna do some simple maths? Get on your capital? [00:24:00] I'm some really 40 grand for 10 years. No, but let's do, let's do 30 years, 40 grand for 30 years. So that's 1.2 million. Right. So you can put up pretty much all of that tax free. And then any something that was left in it, you could just take out as a salary and keep it below the tax threshold anyway.

Yeah, but that's assuming you didn't make any money on it. Once you put all that money into your pension, you can then buy commercial property with it, for example, and any money it generates goes straight back into the pension. So it's almost like compound interest. Yep. Go sitting away there. So you really only making like, I don't know, 10% a year or something off that 40 grand.

Keep putting your 40 grands in. It's all tax free million quid abit or so you can pull out tax free when you retire, uh, anyway. And then you can pull out stuff on top. So if you are worried about, oh, I'm paying too much money on tax. Yeah, that's a great way, isn't it? I think you could be earning 150, 200 grand a year realistically and paying little to know tax while living here in the uk.

Yep. While investing in property, using your pension, [00:25:00] buying more property for your pension, commercial property, taking out salaries, I probably would take out some dividends. 'cause you pay very little tax on dividends anyway. Yeah. And you're gonna want money. To live on refinancing the properties that you do own.

And can children have dividends or easy? Because I know it's gotta be, like, there'd have to be a, there'd have to be a shareholder in the companie, but can children be shareholders? Um, and companies? I, I dunno the answer to that. I, I, I dunno. I dunno, I dunno. I just popped into my head there and I thought, oh, I actually can the children also take dividends?

I'll have to Google it. I'll have to Google it. So, uh, so yeah, basically you could pay an all. So should we Google it now? Yeah. Can children. Take dividends, be shareholders. Oh yeah. And receive dividends. Say goats, come on, I receive dividends. Would you reckon the answer is no? No. If your children are over 18, well, they're not a child then.

So if the children are younger than 18, you as the parents will be tax and over any dividends they receive, eliminated the advantage. They've gotta be over 18. But you can still pay them a salary. Yeah. No, it's still great. Yeah. I just suddenly thought, would [00:26:00] we get, I have given them dividends too. Yeah.

These little cash cow children. You're right. If that was the case, we would be having more. Can we send them on development trips around the world? I wonder. Yeah. We need them to learn. We need them to learn. Just like we what? Like, like we learn as well. So there you go. There there are some, uh, top tips, some tax loopholes.

How you can earn an awful lot of money here in the UK without moving to Dubai. You might just wanna go to Dubai. Yeah, at this point. At this point. But you don't need to because you're earn earn quite a lot of money tax free based right here in the uk. I hope you guys found that video useful on Russell Leads.

I'm Anna Leeds, and we'll see you next week.