| Introduction | Life insurance | Pensions | Savings | Investment | Ten tax-saving steps |
Whether we’re talking about the money we earn or the money our savings earn for us, the taxman takes as much as £4 in every £10. But while most of us dislike paying tax, over four in every five of us bury our heads in the sand instead of doing anything to cut our rising personal tax bills. In fact as a nation we waste a staggering £9.3 billion each year by not taking TaxAction.
And yet, when it comers to your savings and investments, a few easy tax-planning measures can dramatically cut the tax you pay, giving a healthy boost to the returns you and your family get.
Each year we waste an average £294 per taxpayer in unnecessary payments and missed opportunities. So if we are prepared to squander this much through our own lack of planning – and high rate taxpayers will waste even more – why do we get so wound up about paying our TV licence, car tax and other similar levies? The answer is simple – we can see these taxes going out, but it’s often much harder to identify the areas where we’re wasting money ourselves.
This brief guide will help you get to grips with the main issues involved in saving tax, everything from the benefits of Individual Savings Accounts (ISAs) to planning for your income in retirement tax-efficiently. You don’t need to be a financial genius to understand the basic principles, but by seeing a qualified independent financial adviser (IFA) you can see in detail how they apply to your unique financial situation, now and in the future - and ultimately decide what’s right for you.
David Elms
Chief Executive
Unbiased.co.uk
