00:01
Hi, so tax avoidance is an action taken to lessen tax liability and maximized after tax income, tax evasion the failure to pay or deliberate underpayment of taxes.
00:12
Okay.
00:13
So what i think he did was this, the action taken to lessen tax liability.
00:20
That's what he's doing.
00:22
This would be posts.
00:24
This would be like when he actually files his taxes or when he talks to his accountant, that's when this would happen.
00:29
Like this would happen later.
00:32
But in the moment of what's happening in this situation, it's tax avoidance.
00:36
Like you were hired as a cashier in one of the establishments in town.
00:39
The boss tells you to bring home the receipts or raise the contents and write only small items bought.
00:43
The selling price will appear in their seat is 200 pence or whatever the p is from where you are pounds.
00:50
Is this tax evasion or tax avoidance? if you're at the cashier, will you, what will you do what your boss is letting you do? what if refusing to do means losing your job? this is an example of tax avoidance, which is deliberate action to lessen tax liability to maximize income.
01:06
That's what he's doing.
01:07
He is lessening how much money he's making.
01:12
These receipts...