• Gwilym Davies

Why You Should Teach Your Kids, About TAX!

Updated: Feb 16

Our vision as a business is to universally change the way tax advice is delivered.

So, this half term,  I decided to start at home.

Read my tongue in cheek article on the top 7 reasons why you should teach your kids, about tax.

REASON 1 – Ensures YOU eat the good stuff

From the “sugar tax”, to “pasty gate tax”, to a newly proposed “pudding tax”…there seems to be a growing trend from successive tax collecting governments to change behaviours about the way we eat…all in order to improve the health of the nation.

But, being a real parent is about setting the right example, ensuring your children don’t get lured in by all the “tax heavy” sugary, tasty, deliciously chocoty, choc choc goods, but instead force feed them greens.

So take one for the team as the adult and think of the next generation. If Mum or Dad buy in the puddings or chocolates on the weekly shop, it’s your job to eat them, NOT the kids.

REASON 2 – Tax is actually cool

Sure right now everyone wants to grow up to be a You Tuber, an Instagram influencer, a footballer or a reality TV star, but by the time your kids grow up those things won’t be cool anymore.

However, tax will be cool, because by then the debt bubble will be so bloody big and be bursting so much more frequently, that the NEW hottest people in town will be those who either collect tax or those that help people actually save tax (accountants and tax advisers).

Mark my words, the tax collectors and planners of today…are the Kim Kardashian’s and Ethan Gamers of tomorrow.

REASON 3 – Reductions in Pocket Money

When I learnt the going rate for pocket money from my child’s best friend’s mother (exactly…how dare she set the going rate without consulting me first!)

…I soon released the only way out was to teach Oscar about what a 40%/45% + tax rate looks like and take half of his money.

An important life lesson for him, and a win for Dad.

Oscar: “But that’s not fair Dad”.

Me: “Yeah, neither is life mate”.

 REASON 4 – Brain Training 

Oscar used to think doing his time tables wasn’t much fun, so I made him start learning the 1000+ tax allowances, incentives and reliefs in the UK tax code applying to any SME’s, OMB’s and individuals.

Me: “Oscar, do you love doing your times table mate?”

Oscar: “ Yeah, I do NOW, Dad”.

Me: “How are those tax reliefs coming along?”

Oscar: “Errrrr….you said I didn’t have to do that if I did my time tables”.

Job done😉.

REASON 5 – teaches them to not leave things till the last minute 

Some naughty adults aren’t aware of or don’t plan ahead early enough to save tax, which in today’s world, really can and should be avoided. Very naughty adults get penalised for not paying their tax at all or not paying it on time. This can result in being sent to Jail.

The same is true if you don’t do your homework. At least that’s what Oscar thinks 😉.

It’s all about positive reinforcement parents 👊🏼. Or the naughty step. Or jail.

REASON 6 – So they can persuade their grandparents to skip a generation and leave the money to them instead of you  

Ever noticed how when your parents brought you up they were strict and wouldn’t let you get away with anything? Whereas when it comes to them looking after your kids…well the kids can do no wrong and get away with bloody murder!

Well, to top things off, if your kids know about tax, then the little mites, might even be able to flutter their angelic eyelids at Grandma and Grandpa and get them to skip a generation leaving your hard inheritance to them for “tax” reasons.

Actually maybe that’s a rubbish reason to teach them tax🤔.

Oh blimey…you see this is exactly the situation where you need to seek advice!

REASON 7 – Don’t leave conversations about arse wiping too late 

Now eventually the time in my life will come when I won’t be able to wipe my own a#%e.

By that time, my two will have probably run away and married an absolute c%w who just like my two won’t wipe my a#%e either. All you mothers out there with only Son’s know exactly what I’m talking about…

From their perspective they don’t want their inheritance being spent on arse wiping and I just want my arse wiping with a bit of dignity. So,  it’s in both our interests to ensure that happens in the best way possible by discussing the situation about care early and getting the old inheritance tax position sorted whilst we are at it.

Me: “Right Oscar and Joshua”.

Oscar & Joshua: “Right Dad”

CONCLUSION: 

Soooooooo…..that’s why you should teach your kids about tax, well sort of…

There are loads of other reasons…feel free to add more sensible or funny ones in the comments with pictures included 😊.

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