Check out the tips below to see the kinds of areas where you could be saving tax.
- A pension can be a relief - max up your pension contributions before the end of the tax year to gain generous tax relief and then benefit from the tax efficient treatment of pension funds.
- An ISA's nicer - individual savings accounts are great for tax breaks if you're saving or investing.
- Use your other half - A higher rate taxpayer can save tax by transferring money into a lower earning - or non-earning - spouse's name
- Make a will - It's the only way to be sure your loved ones don't miss out on their inheritance, and to limit the tax paid on your estate.
- Check your code - make sure you have the right tax code or you could be paying tax at the wrong rate.
- Rent a room - Many people raise extra income tax-free by renting out a room in their home.
- Don't get stamped on - You can save literally thousands if you negotiate with the person you are buying a house from to drop the price below stamp duty thresholds.
- Company car? - Fill in a form to declare it as a taxable perk. Broadly speaking, the smaller the vehicle, the less tax you will pay.
- Made a gain? - Make sure you take full advantage of your annual capital gains tax exemption limit.
- Keep it in the family - The kids get their own personal tax allowance too, and you can set up tax-efficient trusts for children or grandchildren.
- Dont pay income tax if you dont have to - If you're under 65 and will earn less than £5,225 in this tax year, click here to download the R85 form and claim back your overpaid income tax.
