The executive chairman of Google Eric Schmidt insists that despite paying what many see as a minimal amount of tax, Google is not breaking the law. Whatever your view on Google's tax affairs we can always benefit from looking at our own with some healthy legal advice.
Schmidt goes so far as to say that if Britain changed its tax laws then Google would comply, no questions asked. Schmidt's view is that if Britain wants to earn more from tax then it should change the law. Whether that would be the case remains to be seen but it is worth asking ourselves if we would be happy to comply without first looking for loopholes or tax havens.
Advice on tax planning.
A change in our tax laws does not look imminent, but there are plenty of solicitors and lawyers out there who can advise us on how to protect our earnings in an apparently legal way, just as Google does. Dutton Gregory Solicitors are one of a growing number of firms who are well versed in Britain's tax laws and experienced solicitors and tax lawyers are the best place to start if you want to ensure you are doing things by the book.
Figures have been released from Google's accounts that show the company paid only 3.4m in tax on 3.2bn of sales in Britain in 2012. It is unlikely that you need to consider such huge figures in your own accounts, but your solicitor can start by at least working out if you are paying the right amount of tax and if you can look at legally protecting any more of salary and investments. Schmidt admitted to being "perplexed" by the whole debate. He insists that taxes are compulsory and not optional for Google or presumably for any individual. You may be responsible for safeguarding the accounts of a small or large company or just as an individual taxpayer. Either way the tax debate always stirs up a lively discussion whichever side of the divide you find yourself on.
Keeping our tax within the law.
One of Schmidt's arguments is that he feels that by paying the minimum or mandatory tax in a certain country, then Google is doing its best by their shareholders and certainly under American law anyway. He doesn't feel that their social responsibility pledges are at odds with their tax approaches. Most of us don't go to what some politicians including Ed Miliband the Labour leader see as Google going to "extraordinary lengths to avoid paying its taxes". It is certainly not uncommon, but most of us despite complaining about taxes from time to time would rather stick with the clear legal approach when it comes to tax planning.
Finding good advice on tax planning is crucial and it is worth looking for tax lawyers and solicitors online if you aren't receiving good advice already. As interesting as the adventures of the big corporate giants and their tax affairs are at least we don't need to file our tax returns in the spotlight.
AUTHOR BIO:
David is a regular contributor to a range of website and blogs. He has a particular interest in legal and financial affairs and issues and uses sources such as Dutton Gregory Solicitors for research purposes.
Schmidt goes so far as to say that if Britain changed its tax laws then Google would comply, no questions asked. Schmidt's view is that if Britain wants to earn more from tax then it should change the law. Whether that would be the case remains to be seen but it is worth asking ourselves if we would be happy to comply without first looking for loopholes or tax havens.
Advice on tax planning.
A change in our tax laws does not look imminent, but there are plenty of solicitors and lawyers out there who can advise us on how to protect our earnings in an apparently legal way, just as Google does. Dutton Gregory Solicitors are one of a growing number of firms who are well versed in Britain's tax laws and experienced solicitors and tax lawyers are the best place to start if you want to ensure you are doing things by the book.
Figures have been released from Google's accounts that show the company paid only 3.4m in tax on 3.2bn of sales in Britain in 2012. It is unlikely that you need to consider such huge figures in your own accounts, but your solicitor can start by at least working out if you are paying the right amount of tax and if you can look at legally protecting any more of salary and investments. Schmidt admitted to being "perplexed" by the whole debate. He insists that taxes are compulsory and not optional for Google or presumably for any individual. You may be responsible for safeguarding the accounts of a small or large company or just as an individual taxpayer. Either way the tax debate always stirs up a lively discussion whichever side of the divide you find yourself on.
Keeping our tax within the law.
One of Schmidt's arguments is that he feels that by paying the minimum or mandatory tax in a certain country, then Google is doing its best by their shareholders and certainly under American law anyway. He doesn't feel that their social responsibility pledges are at odds with their tax approaches. Most of us don't go to what some politicians including Ed Miliband the Labour leader see as Google going to "extraordinary lengths to avoid paying its taxes". It is certainly not uncommon, but most of us despite complaining about taxes from time to time would rather stick with the clear legal approach when it comes to tax planning.
Finding good advice on tax planning is crucial and it is worth looking for tax lawyers and solicitors online if you aren't receiving good advice already. As interesting as the adventures of the big corporate giants and their tax affairs are at least we don't need to file our tax returns in the spotlight.
AUTHOR BIO:
David is a regular contributor to a range of website and blogs. He has a particular interest in legal and financial affairs and issues and uses sources such as Dutton Gregory Solicitors for research purposes.