Ten Tax-Saving
Steps
Check out the tips below to see the kinds of areas where you could be saving tax.
1
Tax relief on pensions – 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.
2
An ISA's nicer – Individual savings accounts are great for tax breaks if
you're saving or investing.
3
Use your other half – A higher rate taxpayer can save tax by
transferring
money into a lower earning – or non-earning – spouse's name.
4
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.
5
Check your code – Make sure you have the right tax code or you could
be
paying over the odds.
6 Rent a room – Many people raise extra income tax-free by renting out a room in their home.
7
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.
8 Made a gain? – Make sure you take full advantage of your annual capital gains tax exemption limit.
9 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.
10 A gift of £3,000 each year will save inheritance tax or £5,000 in respect of marriage each year
