No one wants to pay too much tax and if you are looking for some ways you can reduce the amount of tax you have to pay the taxman each year then take a look at the list of tax saving ideas compiled below:
1. Always try to make full use of your capital gains allowance that you are entitled to each year.
2. Ensure that you send in your tax return in before the deadline each year in order to avoid receiving a fine for filing your return late.
3. You can save 10 pounds off your tax bill by filling in your tax return online.
4. If you are a non tax payer then make sure that you complete a form at your bank or building society so that you do not pay tax on the interest on your savings.
5. If you are married, then make sure that any income you receive from investments is paid to the partner that pays the least tax.
6. Always check any calculation made by the tax man or any tax code given to you as they can make mistakes.
7. Always keep your tax records in a secure place, up to date and in good order as it is possible to get fined by the taxman for not keeping tax records.
8. When choosing your company car, go for a car with low carbon emissions as the amount of company car tax you pay is based on its carbon emissions.
9. Try to take full advantage of the tax incentives given for taking out a pension.
10. In order to reduce inheritance tax liability on your estate in the future, you could make some gifts whilst you are alive to the people you wish to inherit that money.
11. You could arrange to make a will which can be used to reduce tax on your estate and make things easier and clearer for everyone when dealing with your estate.
12. If you are a taxpayer then a good idea is to make full use of tax free savings schemes such as ISA schemes.
13. If you would like to give to charity then you can ensure that the tax goes to charity by using Gift Aid.
14. If you find that you are paying too much tax on account, you can request to pay less on account through the taxman.
Well that is all the tax saving tips I have for you in this article and if you try to do some or all of these things it will be worth the effort as you will be able to save a worthwhile amount of tax in the future.
Miguel Poza runs a website about personal finance and saving money where you can find
out about many free money saving tips and read other money related articles which will
help you sort out your finances. You can check it out at
UK Money Saving Guide
- Related Videos
- Related Articles
- Ask / Related Q&A
- Save Money By Saving Your Change!
- The Cutbacks in How to Save Money
- Save Money Using High Interest Rate Savings Accounts
- 10 Ways To Save Money On Your Electricity Bill
- Little Frugal Changes Can Save Money
- Learning to Save Money
- Using your Thinking Cap in How to Save Money
- How to Save Money by Cutting Back Expenses
For the Whole of Your Life
By: Michael Challiner | 01/12/2009Most insurance companies offer whole of life policies. These are policies which give you a guarantee that the sum assured on the death of an insured person will be paid in full to your beneficiaries. As whole of life cover is designed to carry through to the end of the insured...
Importance Of Knowing How To Consolidate Credit Debt
By: Terro White | 01/12/2009Are you someone who is suffering from major debt problems? Do you constantly feel that no matter how much money you are spending in clearing debt, you still seem to be having issues trying to clear the debt completely?
Why a Will is Necessary
By: Michael Challiner | 01/12/2009Failure to leave a will can cause all sorts of problems for those you leave behind. It ensures that your wishes will be carried out and avoid any doubt about who gets what. It's all too easy to think about writing a will and in fact give it a lot...
Insure Yourself to Benefit Your Loved Ones
By: Michael Challiner | 01/12/2009People generally accept that they need life insurance once they have a mortgage and responsibilities. Obviously it makes sense to cover the amount that you would owe on your mortgage on your death, so you need cover for the length of your mortgage, but have you thought this through? It's all...
Never Ever Dodge the Dentist
By: Michael Challiner | 01/12/2009With dental insurance you have a large degree of flexibility and often the most popular aspect is that you can choose your own dentist. It's possible to claim for any treatment that you need, whether it's been carried out via an NHS dentist or one who works privately. Usually you'll...
How Is Being Able To Consolidate Credit Cards Helpful?
By: Terro White | 01/12/2009When you are badly stuck with debt and need some urgent ways to get out of it, there are a couple of solutions that you give a try. Some of these might not be too popular, but nevertheless, you should give it a shot because you might never know what is in store in it for you.
Mortgage Refinancing - Consolidate All Your Debts to Improve Your Credit
By: Raul Crasmin | 01/12/2009You are on a look out to buy a new house to live in however you learn it a hard way your credit reveals the person you are. The better your credit is the more chance of you being approved with lower interest and better terms. If for some reasons...
Best Mortgage Rates - Your Credit Decides the Mortgage Rates You Get
By: Marie Mardeko | 01/12/2009In contrast to what you might believe, you don't deal with your credit in emptiness. Your credit performance is tracked by credit bureaus like Equifax Canada and TransUnion of Canada. Depending on this detail, you are allotted a credit score. It's significant for you to keep as high a score...
What Are Anti Virus Software, Anti Spyware Software
By: Miguel Poza | 22/12/2006 | ComputersNow that most people use the internet these days, it is a very good idea to make sure that you have good quality computer security software installed and protecting your computer. Anti virus software, anti spyware software and having a hardware or software firewall are now essential for everyone using...
Ways To Save Money On Your Tax Bill Each Year
By: Miguel Poza | 04/12/2006 | FinanceNo one wants to pay too much tax and if you are looking for some ways you can reduce the amount of tax you have to pay the taxman each year then take a look at the list of tax saving ideas compiled below:
Things You Need To Know About Inheritance Tax & Some Ways To Reduce It
By: Miguel Poza | 04/12/2006 | FinanceInheritance tax is a tax that you have to pay when you die which comes out of the financial estate that you leave behind. You only pay inheritance tax over a certain threshold. The good thing about inheritance tax is that it can be greatly reduced if you think about it in advance and prepare your financial affairs so that you end up paying less inheritance tax.
Why You Should Make A Will & Some Important Things To Consider When Making One
By: Miguel Poza | 04/12/2006 | FinanceDid you know that about 70 per cent of the UK population have not made a will? If you are one of these people then you really need to look into making a will because if you die without having made one then you will have no say in who inherits your estate.
How To Save Money On Your Gas & Water Bills Each Year
By: Miguel Poza | 02/12/2006 | FinanceAs the cost of gas and water keeps going up, it is a good idea to see what you can do to help reduce your gas and water bills. First of all here some ways of reducing your gas bill each year:
10 Ways To Save Energy And Save Money On Your Electricity Bills For Your Home
By: Miguel Poza | 02/12/2006 | FinanceThere are several different ways you can save energy on your home electricity usage which will also reduces the money you spend on your electricity bills and helps reduce carbon emissions to the environment.
What You Need To Know About Health Insurance
By: Miguel Poza | 31/10/2006 | AdviceWe all hope to stay well and healthy all the time, but we all know that we are going to be sick or may even be unfortunate and have an accident at some point in our lives.
What You Need To Know About Stakeholder Pensions
By: Miguel Poza | 20/10/2006 | FinanceFor those of you who are thinking about planning for your retirement, you will need to do a bit of research on pensions to find the best way to save for your future retirement. This article is about stakeholder pensions and will explain a bit about them and how they work.