Free Tax Saving Advice, the big 10
Checkout our top tips below to see if you could be saving tax.
1. Tax Relief on pensions
By the end of the tax year you can max up your contributions to your pension, to benefit from a generous amount of tax relief and also gain benefit from the tax efficient treatment of pension funds.
2. Give it to your other half
You can save tax further by transferring money into the account of your other half or spouse, if they are lower earning or non-earning.
3. Get yourself an ISA
If you have an individual savings account you can benefit from tax breaks as long as you are saving and/or investing the money.
4. Your tax code
Double check your tax code and make sure you are not paying over the odds
5. Got a spare room?
Renting out a room in your home can raise you some extra income and it completely tax-free.
6. Write a will
Writing a will is the only way to make sure your loved ones will get the inheritance, and limit the tax you will pay on your estate.
7. Use a Company car?
If you have the benefit of a company car, make sure you fill out a form to declare it as a taxable perk. The smaller the vehicle, the less tax you with have to pay.
8. Made a gain?
If you have made a gain in the taxable year. You should take full advantage of your annual capital gains tax exemption limit.
9. Buying a property?
Negotiate with the person you are buying a house from, they may be willing to drop the price below stamp duty thresholds. You can literally save thousands if they do.
10. Look after your family
Your children and grandchildren will get their own personal tax allowance, and you can set up tax-efficient trusts for them.